Facebook (now known as Meta) is reportedly aiming to reduce costs by at least 10 percent and has been quietly laying off staff to conserve cash.
The Wall Street Journal reports that Facebook (now known as Meta) aims to cut its expenses by at least 10 percent in the next few months, partly through layoffs. The move comes as Facebook sees stalling growth and increased competition, according to sources with knowledge of the situation.
Getty/Chip Somodevilla
Facebook has reportedly been moving some staffers around the company, reorganizing its departments, and giving affected employees a time window in which to apply for other roles within the social media firm. This move helps to achieve major staff cuts without directly laying off a large number of employees.
These reductions are likely to just be the beginning of larger cuts according to sources. While the company will save some money by cutting overhead and consulting budgets, many sources believe that much of the money it will save will come from reduced employment at the firm.
Facebook executives have been discussing hiring freezes and “ruthless prioritization” for some time while avoiding mentioning layoffs. A spokesperson referred to CEO Mark Zuckerberg’s statement in July that the company would be reallocating resources towards corporate priorities as pressure mounts on the business. The spokesperson said: “We’ve been public about the need for our teams to shift to meet these challenges.”
The spokesperson added that giving employees time to apply for new jobs is a means of retaining talent that the firm might lose otherwise.
Breitbart News recently reported that Facebook CEO Mark Zuckerberg may be regretting his pivot towards the metaverse as his fortune diminishes hugely. While every U.S. tech mogul has seen some of their wealth erased, Zuckerberg has been affected more than most with his fortune being cut in half dropping by $71 billion, the biggest loss among the world’s richest people according to the Bloomberg Billionaires Index.
Read more at the Wall Street Journal here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan
Zuckerberg’s FWD.us Claims No Amnesty Ensures Midterm Defeat for Democrats
NEIL MUNRO
The Facebook-funded FWD.us investor advocacy group is touting the claim that Democrat turnout will drop in 2022 if the party cannot pass an amnesty through Congress.
But that claim is toothless, in large part because recent polls show that many Americans of Latino ancestry are increasingly voting for the GOP, precisely because GOP leaders oppose the amnesty-amplified wave of cheap labor into their communities.
The claim is being made by pro-migration groups, including the leaders of the National Day Laborer Organizing Network (NDLON) which denounced the Senate’s parliamentarian’s decision to exclude the parole amnesty for 6.5 million illegals from the draft Build Back Better spending plan.
NDLON declared Thursday night:
Democrats’ excuses for their failure, for their incompetence, and for their insincerity will be the ammunition used by xenophobes in the Republican Party to retake control of the federal government in upcoming elections. Inaction on immigration legalization risks further propelling Trumpism in every possible way … No more excuses. Where there is a will, there is a way.
The NDLON group represents illegal migrants, most of whom work for very low wages, and none of whom can vote in U.S. elections.
Rep. Lou Correa (D-Calif.) is making the same claim, according to Bloomberg, which reported that he “warned that Democrats would face wrath from voters in the 2022 elections if they don’t secure a citizenship path”
But the NDLON claim is being echoed by the politically powerful investor class, who use imported workers, consumers, and renters to spike the value of their Wall Street investments.
Todd Schulte is the president of the FWD.us advocacy group for investors, which gets about $30 million a year from the Chan Zuckerberg Initiative to push for more migration. On Thursday night, he tweeted:
Schulte’s deputy also pushed a hard line:
Unsurprisingly, FWD.us has a hidden agenda in the amnesty debate.
The establishment media extensively cover the proposed parole amnesty for 6.5 million illegal migrants. But the media largely ignores two other proposed changes to immigration laws that would deliver huge benefits to West Coast investors who created the FWD.us advocacy group in 2013.
For example, the BBB legislation would allow the White House to provide green cards to millions of favored migrants, including perhaps three million “chain migrants” selected by recent immigrants. This open-doors policy would provide investors with millions of new profit-generating consumers, renters, and workers.
The BBB legislation would also allow President Joe Biden’s pro-migration deputies to sell green cards to at least one million migrants who have taken many of the Fortune 500 jobs sought by skilled U.S. college graduates. This change would allow Fortune 500 companies to hire many more foreign graduates with dangled offers of fast-track green cards. These workers are usually imported via the visa worker programs, such as the H-1B and Optional Practical Training program.
But those two benefits for the Fortune 500 investors may be dropped if the Democrat senators cannot also get their amnesty for illegal migrants.
On Friday, an advocacy group for corporate-funded immigration lawyers urged Congress to keep pushing the green card giveaway, even after the amnesty was nixed:
“The corporate guys are riding on perceived sympathy for the illegal alien population in order to get their immigration giveaways,” said Robert Law, the director of regulatory affairs and policy at the Center for Immigration Studies. He continued:
The Hispanic population knows immigration is a pocketbook issue for them as well, and mass illegal immigration — plus legal immigration — hurts the economic opportunities of Hispanic Americans or the black community, or any people who typically are competing at the lower end of the economic spectrum.
The Senate’s debate referee has not issued any judgments on the two green card proposals.
Zuckerberg’s FWD.us network of coastal investors stands to gain from more cheap labor, government-aided consumers, and urban renters. The network has funded many astroturf campaigns, urged Democrats to not talk about the economic impact of migration, and manipulated coverage by the TV networks and the print media.
FWD.us’also spotlights many family dramas amid the inflow of border migrants. This focus helps keep reporters from recognizing the huge pocketbook impact of the establishment’s economic policy of mass migration. The resulting family-drama coverage also keeps many young progressives from noticing that the extraction migration policy drives up their rents and cuts their salaries.
The breadth of investors who founded and funded FWD.us was hidden from casual visitors to the group’s website sometime in the last few months. But copies exist at other sites.
Biden’s Chief of Staff Worked on Behalf of Big Tech for Endless H-1B Visas
JOHN BINDER
Democrat Joe Biden has chosen Ronald Klain to be his chief of staff should he enter the White House in January. Klain worked on behalf of Silicon Valley executives and their interests, which include providing tech corporations with an endless supply of H-1B foreign visa workers and more free trade.
Klain, who was made Biden’s incoming chief of staff this week, served on the executive council of TechNet — a firm that promotes the interests of Silicon Valley’s tech corporations in Washington, D.C. Klain served on the council alongside executives from the Oracle Corporation, Hewlett-Packard Enterprise, Google, Visa, Apple, and Microsoft.
TechNet, most recently, joined a lawsuit against President Trump’s reforms to the H-1B visa program that sought to prioritize unemployed Americans for jobs rather than allowing businesses to continue importing foreign workers.
TechNet is one of the groups that has filed an amicus brief to oppose the new regulations on H-1B visas. https://t.co/ofY4GJ2sVR
— U.S. Tech Workers (@USTechWorkers) November 12, 2020
Trump’s seeking to force businesses to hire Americans over importing foreign visa workers is an affront to Silicon Valley’s tech corporations, those represented by TechNet, who advocate for an endless flow of H-1B foreign visa workers.
There are about 650,000 H-1B visa workers in the U.S. at any given moment. Americans are often laid off and forced to train their foreign replacements, as highlighted by Breitbart News. More than 85,000 Americans annually potentially lose their jobs to foreign labor through the H-1B visa program.
Analysis conducted in 2018 discovered that 71 percent of tech workers in Silicon Valley, California, are foreign-born, while the tech industry in the San Francisco, Oakland, and Hayward area is made up of 50 percent foreign-born tech workers. Up to 99 percent of H-1B visa workers imported by the top eight outsourcing firms are from India.
TechNet’s listed immigration goals include allowing corporations to dictate the annual level of legal immigration to the United States and the elimination of per-country caps that would effectively let India and China monopolize the U.S. green card system.
The group’s goals on trade are in direct opposition to President Trump’s economic nationalist agenda that has imposed tariffs on foreign imports from China, Canada, Europe, and other parts of the globe.
TechNet’s trade goals include reducing “tariff and non-tariff barriers to information, communications, and advanced energy technology products, services, and investments” as well as “protections for the free flow of data across borders…”
While Biden has vowed to flood the U.S. labor market with more foreign workers to compete against Americans for jobs, he has shied away from questions on whether he will eliminate tariffs on foreign imports that were imposed by Trump. Such elimination of tariffs would be a boon to multinational corporations that offshore their production and jobs overseas only to import their products back into the U.S. market, often with no penalties for doing so.
John Binder is a reporter for Breitbart News. Follow him on Twitter at @JxhnBinder.
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