Mark Zuckerberg took accountability for the layoffs but blamed COVID-19, “macroeconomic downturn, increased competition, and ads signal loss” as the main reasons|JD Lasica|CC BY 2.0
Meta employees received a statement from Mark Zuckerberg confirming that he is laying off 13% of the company’s workforce—more than 11,000 employees out of the 87,000 worldwide.
Facebook, Instagram, and WhatsApp parent will also close down offices and offer desk-sharing options for employees as cost-cutting measures. Zuckerberg confirmed there will be no hiring till the end of the first quarter of 2023.
Zuckerberg took accountability for the layoffs but blamed COVID-19, “macroeconomic downturn, increased competition, and ads signal loss” as the main reasons.
He also stated, “We’ve shifted more of our resources onto a smaller number of high priority growth areas—like our AI discovery engine, our ads and business platforms, and our long-term vision for the metaverse.”