Mark Zuckerberg Confirms Layoffs to Start at Meta, reports

BUSINESS TECHNOLOGY

Meta’s chief executive officer Mark Zuckerberg, confirmed that Meta will start laying off employees globally, the Wall Street Journal reported. Mark Zuckerberg addressed Meta’s executives, highlighting large cuts in the staffs. Mark Zuckerberg also mentioned recruiting and business teams as groups, which would see layoffs, adding an internal announcement of Meta’s layoff plans.

Mark Zuckerberg added that that he was accountable for the downturn of the company, with over-optimism about the growth that leads to overstaffing. The employees who lose their jobs will be provided with at least four months of their salary as severance, said Lori Goler, head of human resources at Meta. According to Lori Goler, the company had more than 87,000 employees at the end of September, 2022.

Meta has experienced confusion over the future of the company in recent months, as Meta’s flagship platform, Facebook, loses young users, and it is also facing revenue challenges because of the challenges in Apple privacy policies. In October 2022, the investors erased 80 billion dollars off the market value of Meta after it reported that profits had dropped by 50 percent during the third quarter of 2022.

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The third quarter results of Meta were the latest in a series of low earnings reports, and Meta has lost 230 billion dollars in market value in February 2022, the largest one-day loss for a US company in history. Meta had also hinted at job cuts, after the company first announced a hiring freeze, and potential restructuring in September 2022.