Facebook Founder Unfriending 11K Employees

Meta Platforms (META) is the FOMO stock this Wednesday. Alex Coffey and Caroline Woods discuss the Facebook parent company founder Mark Zuckerberg announcing today that he is firing 11,000 employees due to the company overspending in the Zuckerberg fueled Metaverse investment. META shares climbed almost 8% Wednesday as Wall Street reacted positively to the layoffs news. Zuckerberg said that in addition to firing 13% of its workforce, Meta will also extend a hiring freeze through the Q1 of 2023, and would "roll out more cost-cutting changes" in the coming months.