Zuckerberg Will Lay Off 11,000 People: After Twitter, Meta Will Tell The Employees That They Are Out Of Business: Meta to face layoffs after Twitter. More than 11,000 employees are going to be laid off. Meta Chief Executive Officer Mark Zuckerberg has announced that 13% of the company’s workforce will be laid off.
This is the first such layoff by Metta in 18 years. According to figures, the company has 87,000 employees.
“Online commerce not catching up with past trends, macroeconomic slowdown, increased competition, and loss of ad signal caused our revenue to come in lower than I expected.” I made a mistake and I take responsibility for it,’ said Mark Zuckerberg in a message to employees.
Meta had to face a huge fall in the stock market this year. The company had already predicted in October that it will face a huge loss in revenue and therefore the company’s market value may decrease in the next year as well.
The huge investments made in the metaverse have yet to pay off much for the meta. Meta CEO Mark Zuckerberg himself says that this is an investment with a view to the future and that he will have to wait another ten years to get income from Metaverse.
Therefore, Meta is thinking of reducing costs in other ways. Lock some unnecessary projects. Metta is thinking of things like temporarily stopping people from being picked up. Meta has decided to end its news business projects.
In an open letter to Zuckerberg, Altimeter Capital Management, Meta’s shareholder, demanded cuts in hiring and investment. Foreign media reports that the current dismissal is based on this.
Meanwhile, world billionaire Elon Musk has fired many employees after taking over Twitter. Musk fired everyone in the marketing and communications departments in India.
Tech companies have also been adversely affected by the global economic recession. Companies like Microsoft, Twitter, and Snap have been taking measures to reduce the number of employees in the last few months.