Facebook’s parent company Meta has announced today that the firm is cutting down 11,000 workers, in what could be the biggest layoff in the US this year.
Meta Fires 11,000 Employees, Zuckerberg Describes Change As “Most Difficult” In Company History
Last week, reports surfaced that the megacompany Meta is planning to sack a large number of workers in the coming days.
Today, the organization’s CEO Mark Zuckerberg has shared a message with Meta employees, confirming the massive layoffs.
“Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” opened up the Facebook founder. “I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go.”
These layoffs are one of, if not the, biggest in the US this year, and have come after some other mass firings from known companies, including Elon Musk’s Twitter.
“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,” reveals Zuckerberg.
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The firm has been forced to take these steps as a result of increased investments during the COVID digital boom, which never ended up paying off as the market environment changed.
“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,” explains the company’s head.
Meta Stock Price
At the time of writing, the firm’s stock is trading around $96, down 28% in the last thirty days. The below chart displays the recent trend in the asset’s value.
Looks like the company's stock has observed some sharp growth during the last couple of days | Source: NASDAQ-META on TradingView
Featured image from Dima Solomin on Unsplash.com, chart from TradingView.com News Source