Meta Announces Plan to Lay Off 11,000 Employees

Video Credit: Wibbitz Top Stories
Published on November 9, 2022 - Duration: 01:30s

Meta Announces Plan to Lay Off 11,000 Employees

Meta Announces Plan , to Lay Off 11,000 Employees.

CNN reports that Facebook's parent company, Meta, is getting ready to lay off 11,000 employees, the largest job cut in the social media giant's history.

The news comes amid Meta's costly shift to the metaverse.

Recent months have seen other major tech firms announcing layoffs as the sector feels the impact of rising inflation, interest rates and fears of a possible recession.

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, Mark Zuckerberg, Meta CEO, via CNN.

Zuckerberg reportedly added that the company's hiring freeze would be extended into 2023.

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CNN reports that Meta has been spending billions on building the metaverse, a future version of the internet still years away from being fully developed.

In October, Meta announced its second quarterly decline in revenue and profits that were half of what they were in the prior year.

CNN reports that Meta's value dropped from over $1 trillion in 2021 to around $250 billion today.

I want to take accountability for these decisions and for how we got here.

I know this is tough for everyone, and I’m especially sorry to those impacted, Mark Zuckerberg, Meta CEO, via CNN.

I want to take accountability for these decisions and for how we got here.

I know this is tough for everyone, and I’m especially sorry to those impacted, Mark Zuckerberg, Meta CEO, via CNN.

Other top tech companies made similar announcements in recent months, with Lyft announcing it would lay off 13% of its employees and Amazon implementing a corporate hiring pause.

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Other top tech companies made similar announcements in recent months, with Lyft announcing it would lay off 13% of its employees and Amazon implementing a corporate hiring pause.


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