Meta joins layoffs from big tech companies and lays off 11,000 employees
Facebook's parent company has announced that it will drop approx. 13% of its current workforce in the first mass layoff in company history.
New
Facebook's parent company, Meta, has announced that about 13% of its current workforce was cut in the first mass layoff in the company's history.
In a letter to employees, Meta CEO Mark Zuckerberg announced the layoffs and also reiterated that the hiring freeze, which began earlier this year, will be extended through the company's first fiscal quarter. 'next year.
According to the statement released by the Meta Newsroom, the layoffs ended 11,000 jobs. The first rumors of the layoffs emerged over the weekend of Nov. 6 via a Wall Street Journal report from inside sources.
Zuckerberg says he takes full responsibility for the layoffs, which were caused by soaring costs and a recent crash in his stock price:
"I was wrong and I take responsibility for it."
The CEO also said that his over-investment in certain areas, along with "the macroeconomic slowdown, increased competition and loss of advertising signal", resulted in lower-than-expected revenue.
Related: Facebook went Meta a year ago: Here's what it achieved
This news follows startling reports published by Meta on October 26, which
Facebook's parent company has announced that it will drop approx. 13% of its current workforce in the first mass layoff in company history.
New
Facebook's parent company, Meta, has announced that about 13% of its current workforce was cut in the first mass layoff in the company's history.
In a letter to employees, Meta CEO Mark Zuckerberg announced the layoffs and also reiterated that the hiring freeze, which began earlier this year, will be extended through the company's first fiscal quarter. 'next year.
According to the statement released by the Meta Newsroom, the layoffs ended 11,000 jobs. The first rumors of the layoffs emerged over the weekend of Nov. 6 via a Wall Street Journal report from inside sources.
Zuckerberg says he takes full responsibility for the layoffs, which were caused by soaring costs and a recent crash in his stock price:
"I was wrong and I take responsibility for it."
The CEO also said that his over-investment in certain areas, along with "the macroeconomic slowdown, increased competition and loss of advertising signal", resulted in lower-than-expected revenue.
Related: Facebook went Meta a year ago: Here's what it achieved
This news follows startling reports published by Meta on October 26, which
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