Facebook Owner Meta Announces Mass Layoff Of Its Employees

09/11/2022

93 1 minute read

Facebook owner Meta has announced that it will lay off over 11,000 of its employees in “the most difficult changes we’ve made in Meta’s history,” boss Mark Zuckerberg made this known on Wednesday.

He disclosed that the cuts represented 13 percent of the social media titan’s workforce and would affect its research lab focusing on the metaverse as well as its apps, which include Facebook, Instagram and WhatsApp.

The tech industry is in a serious slump and several major firms have announced mass layoffs — Twitter’s new owner Elon Musk fired half its staff last week.“I want to take accountability for these decisions and for how we got here,” Zuckerberg said in a note to staff.

“I know this is tough for everyone, and I’m especially sorry to those impacted.” He added.

Ad-supported platforms such as Facebook and Google are suffering with advertisers looking to cut costs as they struggle with inflation and rising interest rates.

09/11/2022

93 1 minute read