- Meta Platforms, Inc META stealthily reabsorbed the resources of its "Connectivity" division.
- For nearly a decade, the division was the home of former Facebook's experimental internet and telecoms efforts, from satellites (exploded) to drones (crashed) to apps (disputed) and other more traditional infrastructure (appreciated and ongoing), TechCrunch reports.
- Meta looked to divide Connectivity's remaining staff and projects between its Infrastructure and Central Products divisions.
- Also Read: Meta's Downsizing Is An Encouraging Sign With More Room For Cuts Like Reality Labs, Analyst Says
- The Internet.org and Free Basics efforts would essentially provide Facebook and some bundled services free of charge to places where Connectivity was costly.
- The division understood the importance of fiber backhaul and solid traditional wireless infrastructure for the drones and lasers to kick in.
- Meta worked with the Telecom Infra Project to build new software, hardware, and standards that make telecommunications networks more accessible and maintainable.
- Meta and Alphabet Inc GOOG GOOGL Google invested in undersea cables and fiber that serve their purposes and public transport.
- Meta had announced downsizing about 11k employees or 13% of its total headcount across the Family of Apps and Reality Labs segments.
- Price Action: META shares traded higher by 0.24% at $114.98 in the premarket on the last check Tuesday.
- Photo by JD Lasica via Wikimedia Commons
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in