It seems that the tech industry is also suffering a significant slump in today’s time. Following new Twitter owner Elon Musk’s mass firing of staff last week, Meta will also be laying off 11,000 of its employees.
That’s right, the number covers 13% of the company’s workforce, which includes the research lab of its metaverse and Facebook, Instagram, and Whatsapp apps. According to Mark Zuckerberg, this mass lay off is one of “the most difficult changes we’ve made in Meta’s history.”
He also acknowledged his decisions behind the layoff, stating “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.”
Due to inflation and increasing interest rates, advertisers have been cutting costs which led to less ads, which is very much a challenge to ad-supported platforms like Google and Facebook.
Sadly, Zuckerberg told staff that he expected the opposite in e-commerce and online activity because of the COVID-19 pandemic. He added that, “I got this wrong, and I take responsibility for that.”
In Meta’s report last month, they announced $4.4 billion in profit during the third quarter, a 52 percent decrease year-on-year, causing its stock price to fall 25 percent.
Source: ABS-CBN News
