Meta (FKA Facebook) and Cameo are both on the rocks right now.
๐ Background: For a long time, tech companies have been experiencing some beautiful growth. Facebook (aka Meta) has experienced year-on-year growth since 2010, as has Google's mummy and daddy Alphabet.
๐ What happened: Now, the good times seem to have stopped rolling for the tech industry as a whole. Facebook's shares are down 34.5% over the past six months and they've had to announce a hiring freeze for the rest of the year.
๐ What else: Celebrity shoutout platform Cameo - aka the app where your fave D-listers hop on to wish your mates a happy birthday - is also on the rocks. It just had to fire a quarter of its staff. Let the bumpy ride begin.
๐ก As the global tech industry experiences some uncertainty, companies that operate within that space are having to make some difficult choices.
๐กThings tend to move quickly in the tech industry. Ya know, when it rains it pours. When things are booming, companies need to hire fast. In fact, Cameo increased its staff fourfold during the pandemic.
๐กBut it's a double-edged sword, because when things go downhill, they go downhill fast. Which is why Facebook and Cameo are pumping the brakes.
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