Uncut Radio
Meta has confirmed a huge round of layoffs, amounting to 13% of its workforce.
META CEO and cofounder Mark Zuckerberg has shared this in a statement saying in part,
“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”.
He shared the following with META employees;
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.
Mark Zuckerberg
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.
Mark explained why the lay offs had to be done, saying that “at the start of Covid the world rapidly moved online and the surge of e-commerce led to outsized revenue growth”. According to the META boss, some investments he made at the time did not turn out the way he expected,
I made the decision to significantly increase our investments.
Mark Zuckerberg
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.
In this new environment, we need to become more capital efficient. We’ve shifted more of our resources onto a smaller number of high priority growth areas — like our AI discovery engine, our ads and business platforms, and our long-term vision for the metaverse.
Mark Zuckerberg
We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint
Twitter has laid off more than half of it’s workforce since Elon Musk’s takeover.
