New Delhi: After Twitter CEO, now Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg has announced that more than 11,000 jobs will be cut by the company.
This will be the first major layoff by the social media giant.
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As per a statement by the company, the layoff is equal to 13 per cent of its total workforce.
In the statement, Mark Zuckerberg said, “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.”
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He added, “We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”
Zuckerberg said that he would take accountability for these decisions. “I know this is tough for everyone, and I’m especially sorry to those impacted”, he added.
Explaining how the situation came into being, he said, “At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. 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.”
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“Unfortunately, this did not play out the way I expected. Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that”, he added.