During a conversation about the large layoffs of thousands of people by giant digital companies such as Amazon, Facebook, and Twitter, Former Twitter India Head Manish Maheshwari stated that Facebook is on the verge of death. He predicted that Meta would be forced to close down its social media powerhouse at some point.
The act of heavy recruitment by Tech giants.
During the pandemic, the staff strength in tech behemoths like Facebook and Amazon increased by 100% in certain cases. These great firms did heavy employment during the pandemic era. Because consumer interaction surged dramatically at that time, hence, these businesses benefited from Covid greatly. The success that may be celebrated in 5-10 years is being achieved by the tech giants within 5-10 weeks.
As Mr. Maheshwari highlighted, with the conclusion of Covid-19 and people returning to their offices, the party is finished and the beginning of a tech winter has commenced for the tech giants like Facebook. Considering Twitter India as a reference, he noted that there were only a few people here in 2019, which increased to 230 by 2022.
The statement on Facebook.
Maheshwari stated that Meta, which laid off 11,000 employees, is also undergoing a business model transformation. “There will be no shock if Facebook shuts down as it is approaching its fall. The acquired business Instagram, on the other hand, is very popular among customers, and the firm, at this point wants to focus on the more productive business.
WhatsApp has clients, but the firm must figure out ways about monetizing its product. Reality labs and other features are the aspects that can act as fuel for the metaverse in the future. As a result, Meta doesn’t require a great number of staff and rightsizing, or at this point, downsizing the number of employees in the organization was necessary, earlier or sooner. Tech winter has fastened its belts and had made an arrival, and all social media platforms will suffer.”
The take on Twitter.
Manish Maheshwari, the India head of Twitter for three years, has addressed Elon Musk’s latest activities and what they represent for something like the social media network.
According to former Twitter India CEO Manish Maheshwari, Elon Musk appears to be attempting and intending to change the business model under which the microblogging site Twitter operates on both the user and business sides, which appears to be a difficult task, and thus Twitter’s instability is expected to last for a long time.
According to Maheshwari, who was transferred from India to the United States in August 2021 and left Twitter in December of that year, Musk may finally succeed in the reforms he is attempting, but he will have invested a significant amount of time, money, and energy after that.
The anticipated model of Twitter by Musk.
He wants to make the service subscription-based. On the corporate side, this would be a huge step considering that advertising currently contributes 90% of the platform’s revenue. Musk demands only real, confirmed users and no robots, which is a huge change. He also wishes to focus on content creation, which will be difficult. As a result, Twitter appears to be in a difficult spot today.
Maheshwari’s perspective on the proposed new business strategy.
According to Maheshwari, the business theory would only be able to successfully move from advertising to subscription-based if at least 10% of total consumers opt up. But the question is whether people would embrace this move, however, if only 1% of customers opt for subscriptions, the platform’s sustainability will be difficult.
The opinion on blue tick!
Musk has already mentioned charging $8 for the blue tick mark, which certifies individual and corporate Twitter usernames. What else do users get after paying for the blue tick, aside from getting certified? Musk, according to Maheshwari, wants to provide users with premium content, and for the same, it would require to have decent collaborating relations with big news-providing agencies and content-creating outlets, that can deliver a such level of premium content to customers on a paid basis. Furthermore, such users may be able to publish longer clips, according to him.
The Twitter firing spree in India.
Everyone working in engineering-related areas will have to relocate there and come to work on a regular basis, as Musk has centralized engineering operations at the headquarters in the United States. Layoffs, according to Maheshwari, are expected to continue. Twitter laid off the majority of its Indian staff (180 out of 230) earlier this month, with the majority coming from engineering-related divisions. He stated that the company’s Bengaluru IT center is unlikely to hire any more engineers.
The parting thoughts.
As the global economic recession worsens, technology firms such as Facebook and Twitter are attempting to survive the storm by decreasing employment. When global economic challenges began to gather up earlier this year, many tech giants responded to fears of an approaching recession by slowing recruiting.
The bad news is that, in the face of rising interest rates, the ongoing conflict in Ukraine, high fuel prices, supply chain concerns, and a decrease in personal PC sales, the majority of those bans have since been followed by job cutbacks, as companies seek methods to reduce operational expenses. This continued layoff spree by tech giants is concerning every individual about their career positions in near future.
Let’s wish that the end of this year decreases the aftermath effects of the pandemic and hope for a new beginning from the next financial year.