Mark Zuckerberg’s Meta Fires 11,000 Workers

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Last Updated on November 9, 2022 by Bitfinsider

Last week, it was reported that the multinational corporation Meta intends to lay off a substantial number of employees in the coming days.

Mark Zuckerberg, the organization’s chief executive officer, has confirmed the big layoffs to Meta staff in a statement sent today.

“Today I’m going to discuss some of the most challenging changes we’ve made in Meta’s history,” said the founder of Facebook. I’ve chosen to reduce the size of our workforce by around 13 percent and let go of over 11,000 brilliant employees.

These layoffs are among the largest in the United States this year, if not the largest, and follow other major firings from notable companies, including Elon Musk’s Twitter.

Zuckerberg explains, “We are also taking extra measures to build a leaner and more efficient organization by reducing discretionary spending and extending our hiring freeze through the first quarter.”

As the market situation shifted, the company was compelled to take these actions as a result of greater investments made during the COVID digital boom that never paid off.

“Not only has internet shopping returned to former tendencies, but the financial slump, increasing competition, and advertisements signal loss have resulted in far lower revenue than I had anticipated. I accept responsibility for this error,” explains the company’s leader.

At the time of writing, the company’s stock is trading near $96 per share, a decrease of 28% over the past thirty days. The graph below illustrates the recent trend of the asset’s value.

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