Meta Lays Off 11000 Employees or 13% of the Company

Meta

Also Read

Meta, the parent company of social media giant Facebook, is laying off over 11,000 employees. This is a recent development and has been confirmed by Mark Zuckerberg, founder of Facebook and owner of Meta. Meta owns some of the largest internet businesses in the world, such as Instagram, Facebook, WhatsApp and more. Removing 11,000 employees from the company is almost 13% of the workforce inside it. It is a massive firing by the company and something that it hasn’t done before.

  • Make Telecom Talk My Trusted Source
  • Source of Google
  • Source of Google

Zuckerberg said that he is “sorry” for such a move. “I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted,” said Zuckerberg, who is also the CEO of Meta.

The reason for such a large-scale decision is that the business is not doing so well. He said that the e-commerce trends have returned to how things were before the pandemic, and it is what the company got wrong. Many thought that the revenue growth that was seen during the pandemic would continue to take place, but that didn’t happen.

“Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that,” Zuckerberg said.