After Twitter, Now Its Meta Who Has Begun Aggressive Layoffs
After the Tesla instance where Elonn Musk has fired in thousands in one go, now next in line is Facebook parent Meta Platforms Inc. Reports claim that Meta is planning widespread job cuts today, according toa message Zuckerberg has posted on his site.
The layoffs are happening in the name of reducing costs, due to disappointing earnings and a drop in revenue.
"Today I'm sharing some of the most difficult changes we've made in Meta's history. I've decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go," Meta's Chief Executive Mark Zuckerberg said in a blog post today.
"We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1," Zuckerberg added.
The reductions, part of the first major budget cut since the founding of Facebook in 2004, reflect a sharp slowdown in digital advertising revenue, an economy wobbling on the brink of recession and Mark Zuckerberg's heavy investment in a speculative virtual-reality push called the metaverse.
