Meta To Axe 11,000 Employees
We were waiting for the axe to fall on Meta employees after rumours of thousands of job cuts surfaced. And now the axe has fallen:
Meta will lay off more than 11,000 employees, CEO Mark Zuckerberg told workers in a message on Wednesday.
The layoffs will reduce the company’s workforce by about 13%, according to Meta, the parent company of Facebook, Instagram and WhatsApp.
“I want to take accountability for these decisions and for how we got here,” Zuckerberg told employees. “I know this is tough for everyone, and I’m especially sorry to those impacted.”
Zuckerberg said the development follows his decision to “significantly increase our investments” at the start of the pandemic. He told employees he made that decision based on the belief that e-commerce would continue to grow and provide a strong source of revenue post-pandemic — a prediction that turned out to be wrong, he said.
This is still a developing story so I will be interested to see where these cuts hit. For example, will this affect his Metaverse project? Or is that a sacred elephant that won’t be touched? Knowing details like that will give insight into where Meta is as a company, and what is important to them.
Stay tuned for more details as the come.
March 14, 2023 at 11:19 am
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