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According to Reuters, Meta Inc has announced the layoff of 13% of its workforce, or more than 11,000 employees.
“Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” said CEO Mark Zuckerberg. I’ve decided to reduce our team size by about 13% and let go of over 11,000 of our talented employees. We are also cutting discretionary spending and extending our hiring freeze through Q1 in order to become a leaner and more efficient company.”
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This is touted to be the biggest layoff in the U.S this year. Zuckerberg also said, “I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted.” The company is taking steps towards cutting costs after recording a rise in overall costs of the company by a fifth in the past quarter.
According to the Wall Street Journal, Mark Zuckerberg informed employees about the job cuts on Tuesday.
Meta employed over 87,000 people worldwide as of September. The firing comes just a few weeks after Altimeter Capital, one of Meta’s largest shareholders, wrote to Zuckerberg about the company’s need to cut costs.
In an open letter, Brad Gerstner of Altimeter Capital stated, “Meta has drifted into the land of excess — too many people, too many ideas, too little urgency.” When growth is easy, this lack of focus and fitness is hidden, but it is deadly when growth slows and technology changes.”
The shareholder had suggested that the social media company will have to cut jobs and reduce capital expenditure to stay on track. This was followed by Meta’s weak third quarter performance, where the company saw a rise in overall costs by a fifth. It also gave a weak guidance for the holiday quarter.
This comes at a time when the big tech is struggling with the ongoing economic slowdown. Other companies like Amazon, Google, Microsoft have also announced a freeze in hiring. Whereas, Twitter too saw massive layoff last week owing to change in its ownership.
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