Tuesday, March 21, 2023

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Social Media Giant Meta Lays Off 11 Thousand People

Meta, the owner of social media companies such as Facebook, Whatsapp and Instagram, laid off 11 thousand employees today. The announcement was made through a message sent to employees by Mark Zuckerberg, the owner of the company and the founder of Facebook.

“I have decided to reduce the size of our team by approximately 13 percent and lay off more than 11,000 of our talented employees,” Mark Zuckerberg said in his message to employees. “We are also taking a series of additional steps to become a leaner and more efficient company by reducing discretionary spending and freezing hiring until the first quarter.”

We Have Made Wrong Investments

Zuckerberg stated that e-commerce grew rapidly at the beginning of the Covid-19 epidemic, causing an increase in income, and that he made large investments by predicting that this increase would continue even after the epidemic.

“Unfortunately, it didn’t turn out as I expected,” Mark Zuckerberg said in a statement. Not only has online commerce reverted to previous trends, but the macroeconomic downturn, increased competition and loss of advertising signal have also caused our revenue to be much lower than I expected. I misunderstood this situation and I take responsibility for it.”

Some Offices Will Be Closed

Stating that the number of real estate, such as the company’s office buildings, has been reduced, budgets have shrunk, costs have been reduced, resources have been shifted to a few priority areas, Zuckerberg stated that all these were not enough, and that the announcement of the dismissal would be made via e-mail.

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