Meta announces layoffs affecting 13% of its workforce. Over 11,000 Employees Lay Off Amid “Cultural Change” – Bitcoin News

Social networking company Meta has announced it will lay off 13% of its workforce and cut 11,000 jobs amid a “cultural shift” within the company. The company’s CEO, Mark Zuckerberg, explained that the decision was made due to the need to increase “capital efficiency” and outlined the next steps the company is taking forward.

13% of employees are Meta Fire

Mark Zuckerberg, CEO of Meta, formerly known as Facebook, announced today that the company will cut 13% of its workforce and lay off more than 11,000 employees over the next few days. The decision comes after the CEO’s determination to lead the company in a “leaner and more efficient” direction, as he detailed the move in a blog post.

Zuckerberg said the company increased its investment because it believed growth from the coronavirus pandemic would be permanent. He cited intensification as a contributing factor to the worsening situation caused by falling revenues. Zuckerberg said:

I got this wrong and I take responsibility for it.

‘Cultural Change’ Announced, Reinforces Commitment to Metaverse

As part of the steps taken to increase the company’s efficiency, Zuckerberg said the layoffs were part of a “cultural shift” affecting how the company operates. Share desktops among randomly hired employees and continue the current hiring freeze through Q1 2023.

Some teams at the company will be impacted more than others, Zuckerberg said, with Reality Labs, the metaverse-focused division, also mentioned among those affected. However, Zuckerberg said his “long-term vision for the Metaverse” continues to see him as one of the company’s “priority growth areas.” Employees affected by these layoffs are entitled to a range of benefits, including severance pay, career services, and immigration services support for employees working on immigrant visas.

The market responded positively to the announcement, with Meta’s share price up about 5% in premarket at the time of writing. Meta’s stock has plummeted this year from $331 in January to $96 for him this week. That’s thanks to the company’s pivot towards the Metaverse and investors’ lukewarm reaction to the Reality Labs division’s losses. I was in charge of the development of the metaverse and have registered so far.

What are your thoughts on Meta laying off the 11,000+ employees? Let us know in the comments section below.

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