Mark Zuckerberg’s meta lays off 11,000 employees

Facebook’s parent company Meta announced today that the company will cut 11,000 employees.

Meta lays off 11,000 employees, Zuckerberg describes change as ‘most difficult’ in company history

Reports surfaced last week that giant Meta plans to lay off a number of workers in the coming days.

Today, the organization’s CEO, Mark Zuckerberg, shared a message to Meta employees, confirming the massive layoffs.

“Today we share some of the most difficult changes we have made in the history of Meta,” confided the Facebook founder. “We have decided to reduce the size of our team by about 13% and let go of over 11,000 talented employees.”

These layoffs are among the largest, if not the largest, in the United States this year, and follow other mass layoffs from known companies, such as Elon Musk’s Twitter.

“By reducing discretionary spending and extending the hiring freeze through the first quarter, we are taking even more steps to become a leaner, more efficient company,” Zuckerberg said. said.

The company was forced to take these steps as a result of increased investment during the COVID digital boom.

“Not only is online commerce returning to its previous trend, but the macroeconomic downturn, increased competition, and loss of advertising signals have resulted in revenues far below expectations. We take responsibility for that,” explains the company’s head.

meta stock price

As of this writing, the company’s stock is trading at around $96, down 28% over the past 30 days. The chart below shows recent trends in property values.

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