Facebook’s parent company, Meta, is laying off more than 11,000 workers, or roughly 13% of the workforce.
It’s just the most recent round of mass layoffs at significant international technology companies.
In a Message to Staff, Founder and Chief Executive Mark Zuckerberg Described the Move As “Sub of the Most Difficult Changes . . . in Meta’s History.
By reducing spending covertly and extending our hiring freeze, we are also taking a number of additional steps to become a leaner and more efficient company, said Zuckerberg.
I outlined how The World Moved Online with an “arises” in e-commerce at the beginning of the COVID-19 pandemic.
“Many people predicted that this acceleration would be permanent and last until the pandemic was over. I DID TOO, So and Made The Decision to Signanantly Increase Our Investments.
Unfortunately, things didn’t turn out how I had hoped.
The economic downturn in Ireland had resulted in increased competition and a loss of ad revenue, he claimed.
“I Made a Mistake in This, and I Accept Responsibility for That.
No regrets, though, for The Metaverse, one of Meta’s largest investments. In the first nine months of 2022, ITS reality labs, Meta’s Metaverse Division, had already lost US $ 9. 4 billion (NZ $ 16 billion), and Zuckerberg anticipated that these losses would continue to rise.
We’ve concentrated more of our resources on a select group of high-growth sectors, such as our AI discovery engine, our ad and business platforms, and our long-term metaverse vision, he added.
“We’ve reduced expenses across our company, including budgets, perks, and our real estate footprint. We are restructuring our teams to improve productivity.
There were sumts in reality labs as well, He Said.
Although EcacS to Meta’s internal systems has already been removed, Facebook would still provide support to departing employees.
However, email addresses will remain active throughout the day so that everyone can bid farewell.
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Facebook Parent Meta Reduces Workforce by 13% and 11,000 Jobs
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