Meta Platforms Inc GOAL Shares rose on Wednesday after the company announced it would lay off more than 11,000 employees in an effort to cut costs.

Even after Wednesday’s rally, Meta’s shares are down 69.7% overall so far this year, and some employees have begun questioning the CEO. mark zuckerbergThe obsession to build the metaverse.

Zuckerberg takes responsibility: Zuckerberg announced the corporate rebranding of Facebook as Meta Platforms about a year ago, but the transition hasn’t been smooth sailing.

In addition to slowing user and revenue growth, Meta recently reported that its metaverse division Reality Labs lost $9.4 billion in the first three quarters of 2022.

Related Link: BofA Downgrades Meta-Platforms: “Ad Spend Pressure Likely to Increase”

In an open letter to Meta employees the…