admin Meta CEO Mark Zuckerberg has announced in Tuesday’s meeting that the mass laying off employees starting from Wednesday morning. He blamed his missteps and over-optimism towards growth and result in overstaffing. According to WSJ reports Zuckerberg addressed hundreds of recruiting and business team will face layoffs.
Many tech companies has been suffering from severe recession in recent month. A global economic downturn, rising interest rates and regulatory struggles have moved tech companies including Amazon and Alphabet to slow down recruiting. Snap also laid off around 1,300 staff in late August. Microsoft cutback 1,000 employees across several department in last month. Recently, Elon Musk CEO of Twitter also fired half of the employees last week.
Lori Goler, the head of human resources in Meta told the laying off employees will be provided with at least four months of salary as severance, people cited familiar with the matter. Meta disclosed moreover 87,000 staff members at the end of September 2023. Company hired in bulk through the COVID-19 pandemic. The planned layoffs would be the first mass head-count reduction in the 18-years of company’s history.
Meta stocks has fallen over 70% this year and has seen worried over the company’s future in recent months, as its flagship platform Facebook loses young users and now it facing revenue obstacles due to Apple’s privacy policy. Meta in its 3rd quarter resulting in loss of $230bn in market value in February this year.it is the biggest one-day loss in the history of United State Company.
“Meta are now spotlighting on our assets on less amount of high order growth area, so that some of the units will grow to the end. But other teams will remain low over the year 2023. We expect the end of this year with approximately the same size, or even bit smaller organization than we are today” said CEO Mark Zuckerberg.
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