Meta, formerly named Facebook, is an American multinational technology conglomerate based in Menlo Park, California owned by Mark Zuckerberg. The company owns Facebook, Instagram, and WhatsApp, among other products and services.
With reference to soaring costs and global economic crisis, meta is set to lay off over 11,000 of its employees from a global workforce of 87,000, which will be the company’s first-ever mass layoffs.
Based on a statement made to the employees, the CEO of Meta , Mark Zuckerberg, stated that the reductions were “the most difficult changes we’ve made in Meta’s history”.
He also continued on to say, “I know this is tough for everyone, and I’m especially sorry to those impacted”.
Meta, like its competitors, hired a lot during the pandemic to meet the rise in social media use by people stuck at home.But this year’s high costs and rapidly rising interest rates have hurt business, as consumers and advertisers cut back on spending.
Mark Zuckerberg attributed the company’s surge in revenue during the pandemic to enormous long-term growth expectations and with that, according to his statement made, he exclaimed that, “I got this wrong, and I take responsibility for that”.
He said that affected Meta employees would get an email soon and would be given a chance to ask questions.
Following thousands of job cuts at other tech companies, including Elon Musk-owned Twitter Inc., Microsoft Corp., and Snap Inc., the mass layoffs are among the largest this year,2022 and the first in Meta’s 18-year history.
Giving reasons for this mass cut, Chief Executive Officer Mark Zuckerberg said in the message to employees, “Fundamentally, we’re making all these changes for two reasons: our revenue outlook is lower than we expected at the beginning of this year, and we want to make sure we’re operating efficiently”.
Author- Roberta Appiah
