Facebook owner Meta will lay off more than 11,000 of its staff in “the most difficult changes we’ve made in Meta’s history” said Mark Zuckerberg according to AFP. Facebook parent Meta Platforms Inc announced on Wednesday that it will lay off 13% of its workforce, or more than 11,000 employees, as part of a plan to reduce costs at the social media platform following disappointing earnings, soaring costs, and weak advertising market.
“I want to accept responsibility for these decisions and how we got here.” “I know this is difficult for everyone, and I’m especially sorry for those affected,” CEO Mark Zuckerberg said in a statement.
Facebook owner Meta will lay off more than 11,000 of its staff in “the most difficult changes we’ve made in Meta’s history” said Mark Zuckerberg: AFP
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The cuts, which are part of the first major budget cut since Facebook’s founding in 2004, reflect a sharp slowdown in digital advertising revenue, an economy on the verge of recession, and Zuckerberg’s heavy investment in a speculative virtual-reality push known as the metaverse.
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Employees who will be affected will be notified beginning this morning, and Zuckerberg spoke with executives on Tuesday to prepare them for the layoffs. According to the Wall Street Journal, on the executive call, Zuckerberg admitted responsibility for the company’s “mistakes.”
This comes at a time when major tech companies around the world, including Elon Musk’s Twitter and Microsoft Corp., are laying off employees or have announced hiring freezes.
Meta, whose stock has lost more than two-thirds of its value, also announced plans to reduce discretionary spending and extend its hiring freeze into the first quarter.