Sunday, September 24, 2023

Meta fired 11,000 staff, Zuckerberg says ‘I take responsibility’

Meta CEO Mark Zuckerberg on Wednesday confirmed that his company is firing thousands of employees.

In a post on his company’s official website, Zuckerberg said that Meta was firing 11,000 employees, around 13 per cent of its total strength.

The Meta move came just days after Twitter, which had been acquired by Elon Musk, fired almost 50 per cent of its employees.

Meta CEO Mark Zuckerberg, who laid off 11,000 employees, said the company will extend hiring freeze through Q1 and shrink its real estate footprint to cut costs.

Meta will transition to desk sharing for people who already spend most of their time outside the office.

Meta CEO Mark Zuckerberg took responsibility for firing over 11,000 employees.

He said he predicted the accelerated e-commerce growth would continue after Covid and Meta significantly increased its e-commerce investments.

“Not only has e-commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be lower,” he added.

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