Meta Announces Plan , to Lay Off 11,000 Employees.
CNN reports that Facebook's parent company, Meta,
is getting ready to lay off 11,000 employees, the
largest job cut in the social media giant's history.
The news comes amid Meta's
costly shift to the metaverse.
Recent months have seen other major tech firms
announcing layoffs as the sector feels the impact of rising
inflation, interest rates and fears of a possible recession.
Today I’m sharing some of the most
difficult changes we’ve made in Meta’s
history. I’ve decided to reduce the size
of our team by about 13% and let more
than 11,000 of our talented employees go, Mark Zuckerberg, Meta CEO, via CNN.
Zuckerberg reportedly added
that the company's hiring freeze
would be extended into 2023. .
CNN reports that Meta has been spending billions on building the metaverse, a future version of the
internet still years away from being fully developed.
In October, Meta announced its second
quarterly decline in revenue and profits that
were half of what they were in the prior year.
CNN reports that Meta's value
dropped from over $1 trillion in 2021
to around $250 billion today.
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, Mark Zuckerberg, Meta CEO, via CNN.
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, Mark Zuckerberg, Meta CEO, via CNN.
Other top tech companies made similar announcements in
recent months, with Lyft announcing it would lay off 13% of its
employees and Amazon implementing a corporate hiring pause. .
Other top tech companies made similar announcements in
recent months, with Lyft announcing it would lay off 13% of its
employees and Amazon implementing a corporate hiring pause.