Instagram-owner Meta fires staff for buying toothpaste, not lunch

Published On Oct 17, 2024, 12:28 PM

Meta, the parent company of Instagram, Facebook, and WhatsApp, has fired employees for misusing meal vouchers intended for food expenses by purchasing non-food items like toothpaste. Reports indicate that over 30 employees faced termination after warnings about misuse. In addition to these firings, the company has also announced job cuts in various divisions including WhatsApp and Reality Labs. The layoffs are part of Meta's strategy to align resources with long-term goals and may affect employee morale.

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Stock Forecasts

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Negative

The news of firings and ongoing layoffs may negatively impact Meta's stock price as it may indicate internal issues and a tightening workforce. However, if these layoffs are perceived positively as cost-cutting measures leading to increased efficiency in the long run, the reaction might turn neutral. Still, the uncertainty could instill fear among investors.

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