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      Home Featured

      Meta Likely to Start Layoff 11000 of People Today Ceo Mark Zuckerberg Blames Over Hiring

      As a severance measure, the company will pay 16 weeks of base pay, along with two additional weeks for every year of service, "with no cap".

      by Editorial
      November 9, 2022
      in Featured, News-Curated, Social Media, Tech
      Reading Time: 3 mins read
      0
      Meta Likely to Start Mass Layoffs Today Ceo Mark Zuckerberg Blames Over Hiring

      Source: Google images

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      Table of Contents

      • Main Highlights:
      • The layoffs are the first broad job cuts since Meta’s founding in 2004
      • Meta’s stock fell 70 percent this year, but rose in reaction to today’s job cuts
      • Revenue slowdown and metaverse investment
      • Wave of layoffs at tech companies

      Main Highlights:

      • After Twitter, Meta, Facebook’s parent company, is expected to begin firing staff.
      • It is claimed to be the largest layoffs in the history of the technology sector. In terms of size, it dwarfs Twitter.
      • CEO Mark Zuckerberg has stated that he is personally responsible for the company’s mistakes.

      Meta has declared that it would lay off 11,000 people, or around 13% of its overall workforce. In a blog post, CEO Mark Zuckerberg confirmed the announcement, apologising for being too enthusiastic about the company’s future growth based on a pandemic spike.

      According to the Wall Street Journal, he spoke with hundreds of CEOs and corroborated the claims that had already circulated. The layoffs are apparently part of the social media giant’s cost-cutting initiatives in response to dismal profits and revenue declines.

      Zuckerberg claimed responsibility for the company’s “mistakes.” According to attendees at the conference, he stated that his over-optimism about development had resulted in overstaffing.

      “At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth,” said Zuckerberg. “Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected.”

      Meta Likely to Start Mass Layoffs Today Ceo Mark Zuckerberg Blames Over Hiring
      Source: Google images

      The layoffs are the first broad job cuts since Meta’s founding in 2004

      Zuckerberg stated that the firm will become “leaner and more efficient” by slashing expenditure and employees and directing more resources to “a smaller number of high priority development areas,” including as advertising, artificial intelligence, and the metaverse. The company’s recruitment division, according to Zuckerberg, will be “disproportionately harmed” by the layoffs. Meta claimed 87,000 workers in September, with today’s layoffs being the first significant reductions since the company’s inception in 2004.

      Meta’s stock fell 70 percent this year, but rose in reaction to today’s job cuts

      Meta’s stock has plummeted as bad news has piled up. Its stock price has plunged more than 70% this year, and its market capitalization has dropped by $700 billion in recent weeks. However, after Zuckerberg announced job layoffs, the company’s stock price jumped more than 4% in pre-market trade.

      However, Meta is not the only tech company experiencing significant layoffs. Salesforce revealed this week that it had cut off hundreds of staff; Twitter has laid off thousands of employees under new owner Elon Musk’s control.

      Zuckeberg stated in a blog post announcing the layoffs that employees in the United States will get 16 weeks of basic salary plus two additional weeks for each year of service, health insurance coverage for six months, and assistance in finding a new job and overcoming immigration hurdles. According to Zuckerberg, the business would implement a hiring freeze until the first quarter of 2023, “with a limited number of exceptions.”

      The Meta CEO concluded his letter to staff with a statement that appeared to be intended at outside onlookers, particularly those who were suspicious of the company’s foray into the metaverse.

      Meta Likely to Start Mass Layoffs Today Ceo Mark Zuckerberg Blames Over Hiring
      Source: Google images

      Revenue slowdown and metaverse investment

      In late September, Zuckerberg informed staff that Meta planned to cut costs and restructure teams. The California-based business, which owns Facebook, Instagram, and WhatsApp, halted hiring, and the CEO stated that Meta expected fewer employees in 2023 than this year.

      Employees at Meta were already asking for details about the impending layoffs, according to the WSJ. The projected layoffs would be the first significant cutbacks in headcount in the company’s 18-year existence.

      At the end of September, Meta had over 87,000 workers. The layoffs are projected to affect around 10% of the company’s workforce, which was actively hired during the COVID-19 epidemic.

      The cuts reflect a steep decline in digital advertising revenue, an economy on the verge of recession, and Zuckerberg’s substantial investment in the speculative virtual-reality endeavour “metaverse.”

      This year, Meta’s stock has dropped by more than 70%. Although the company has highlighted deteriorating macroeconomic fundamentals, its expenditures and challenges to its main social-media business have also alarmed investors.

      Meta’s layoffs come on the heels of Twitter’s last week. Following Elon Musk’s takeover, the latter business laid off about half of its workers. The billionaire stated that the changes were required to reduce losses. He eventually asked several of the sacked employees to return.

      Wave of layoffs at tech companies

      Meta joins a number of software businesses that have lately announced employment cuts or hiring freezes following strong expansion during the epidemic, as employers worry the United States could enter a recession.

      Twitter’s competitor Facebook launched huge layoffs last Friday, a week after Elon Musk’s acquisition, affecting half of the company’s staff of more than 7,500 full-time employees. According to reports, the corporation began contacting dozens of employees to ask them to return.

      Amazon, the world’s largest e-commerce company, stated this week that it is halting new corporate recruiting because the economy is “in an uncertain position.”

      Snap Inc., the parent company of competitor app Snapchat, is also cutting back. It announced in August that it will lay off 20% of its personnel.

      mm

      Editorial

      We are a digital magazine focused on the mobile app ecosystem aggregating, writing and publishing the best of the tech news in the mobile app ecosystem. Our constant endeavor is to get the most actionable news for you to use.

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      About Us

      Mobile App Development | Design | Marketing Magazine: Appedus

      Appedus is a mobile app ecosystem focused news publishing platform which covers various topics like app design, app development, app marketing and other relevant news, views or opinions. We also publish industry insights, e-books, developer interviews and e-magazines. You can get in touch with us on hola@appedus.com or you can snail mail us at

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