Meta Announces Layoffs Affecting 13% of Workforce; More Than 11,000 Employees to Be Fired Amidst ‘Cultural Shift’

Méta, the social network company, has announced that it will cut 11,000 travaux, letting go of 13% of the employees in its workforce amidst a “cultural shift” in the company. Mark Zuckerberg, PDG de l'entreprise, explained this decision was made due to a need to become more “capital efficient,” and described the next steps the company will take moving forward.

Meta Fires 13% of Workforce

Mark Zuckerberg, CEO of Meta, the company previously known as Facebook, announced today the company would cut jobs for 13% of its workforce, letting go of more than 11,000 employees in the coming days. The decision comes after a determination to take the company in a “leaner and more efficient” direction, as the CEO explained in a article de blog detailing the measure.

Zuckerberg said the company had believed the growth fueled by the coronavirus pandemic would be permanent, and that’s why it ramped up its investments. Zuckerberg acknowledged this has been a mistake, and also included the current macroeconomic conditions and increased competition as aggravators of the situation caused by a drop in revenue. Zuckerberg stated:

I got this wrong, and I take responsibility for that.

‘Cultural Shift’ Announced, Metaverse Commitment Reinforced

As part of the measures taken to increase the efficiency of the company, Zuckerberg stated that the layoffs are part of a “cultural shift” that will affect how the company operates. As an example, Meta will be sharing desktops amongst employees that are partially employed and will continue the current hiring freeze throughout Q1 2023. en outre, he added that more cost-cutting measures will be rolled out in coming days.

Some teams of the company will be more affected than others, Zuckerberg stated, with Reality Labs, the metaverse-focused division, also being mentioned among the affected divisions. toutefois, Zuckerberg remarked that his “long-term vision for the metaverse” will continue to be considered one of the “high-priority growth areas” for the company. The employees affected by these layoffs will enjoy a series of benefits that include severance, career services, and immigration services support for employees working with immigration visas.

The market reacted in a positive way to the announcement, with the price of Meta’s stock gaining presque 5% in the premarket, at the time of writing. Meta’s stock price has been pummeled this year, going from $331 in January to $96 cette semaine, in part thanks to the lukewarm reaction that investors have had regarding the pivot the company is making to the metaverse and to the losses that the Reality Labs division, responsible for metaverse developments, has registered thus far.

What do you think about the more than 11,000 employees to be laid off by Meta? Dites-nous dans la section commentaires ci-dessous.

Sergio Goschenko

Sergio est un journaliste de crypto-monnaie basé au Venezuela. Il se décrit comme étant en retard dans le match, entrer dans la cryptosphère lorsque la hausse des prix s'est produite en décembre 2017. Avoir une formation en génie informatique, vivre au Vénézuela, et être impacté par le boom de la crypto-monnaie au niveau social, il offre un point de vue différent sur le succès de la crypto et comment il aide les personnes non bancarisées et mal desservies.

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