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Paid verification starts in the UK for Facebook and Instagram

A paid verification service has started to be rolled out in the UK by Facebook’s parent firm Meta. Users of Facebook and Instagram receive a blue tick from the service starting at £9.99 per month.

To be eligible, subscribers must be at least 18 years old and provide a valid government ID. In the US, Australia, and New Zealand, the feature is already accessible.

Those who have been accepted by Meta will receive a verified badge, which the tech company claims will provide them with additional protection against impersonation, in part because it will monitor their accounts to look for impersonators.

Mark Zuckerberg’s Meta lay offs more than 11,000 employees this year, Report

In one of the largest tech layoffs this year, Meta Platforms Inc. announced on Wednesday that it will fire 13% of its workforce, or more than 11,000 workers, as the Facebook parent company confronts rising costs and a sluggish advertising market.

There have been thousands of layoffs at other significant digital firms, including Twitter, owned by Elon Musk, and Microsoft. Meta’s layoffs are the first in its 18-year history.

BREAKING: Meta CEO Mark Zuckerberg says the company will cut 13% of jobs affecting more than 11,000 employees, the first major round of layoffs in the social media giant’s history https://t.co/heUXkZEQPL pic.twitter.com/yFg8tZbI0i
— Bloomberg (@business) November 9, 2022

In the face of decades-high inflation and swiftly rising interest rates, the economic boom that increased the value of tech businesses this year has collapsed. More than two-thirds of the value of Meta’s shares have been lost, and the company stated it also intends to reduce discretionary expenditure and continue its hiring freeze through the first quarter.

Meta is preparing for a massive layoff! After Twitter, now there is a crisis of jobs on Facebook-Instagram

In light of rumors of a global economic recession, Meta Platforms Inc., the parent corporation of Facebook, is currently preparing for significant layoffs. This information was provided in one of The Wall Street Journal’s reports. In the Journal, quotes from people familiar with the situation were used to report this information.

According to the newspaper’s story, job layoffs might start as soon as Wednesday. The corporation has reportedly already requested that staff cancel any non-essential travel plans for this week. In a statement to the Wall Street Journal, a Meta spokeswoman declined to comment.

The plan for layoffs was created in September by CEO Mark Zuckerberg. In response to the key sites Facebook and Instagram’s slowing growth, the plan called for restructuring teens and lowering headcount. It’s possible that the meta in 2023 will be smaller than it is this year, Zuckerberg continued.

What is the reason for layoffs?

The use of meta products is widespread worldwide. Facebook, Instagram, and WhatsApp are a few of these. However, the corporation has had to make significant investments in the Metaverse industry in an effort to elevate the Internet. The investment’s expected rewards have not yet begun. The business is challenging to grow in such a circumstance.

The severe recession in the US stock markets, on the other hand, has caused a significant decline in the price of Facebook (Meta) shares. The company’s shares have fallen by nearly 73 percent over the past year. The value of Mark Zuckerberg has decreased in a comparable way.

The jobs crisis in Silicon Valley

Reduced headcount will make the Silicon Valley employment issue worse. After Elon Musk successfully finalized a $44 billion takeover of the social media network, Twitter Inc. last week closed nearly 3,700 positions. Lyft Inc., a ride-hailing company, and Seagate Technology Holdings Plc, a producer of hard drives, are two additional businesses that have downsized or plan to reduce their staff (Seagate Technology Holdings Plc.).