Meta Cuts Workforce by 13% to Save Money
In order to keep expenses in line with company revenue, Meta is reducing its workforce by 13%.
Meta CEO Mark Zuckerberg has announced that his company will be slashing 11,000 employees from its workforce. That’s 13% of the company. Zuckerberg said that the move is a ‘last resort’ option, but that it is necessary in order to keep the company afloat.
- In a blog post shared with employees on Wednesday, Zuckerberg said Meta was taking steps to become “leaner” and more efficient, but regrets that he now must lay off employees. Although it is regrettable that Zuckerberg must lay off employees, it is clear that he is committed to making Meta a leaner and more efficient company.
- Zuckerberg explained that the company had been shifting resources into “high priority growth areas,” including the metaverse, while cutting costs in other areas. However, he acknowledged that these measures wouldn’t be enough to bring the company’s expenses “in line with revenue growth.” Looking ahead, Zuckerberg said that the company would continue to invest in the metaverse and other high-growth areas, even as it looks to control costs. This strategy, he believes, will allow Facebook to continue to grow and thrive in the years to come.
- In my view, layoffs are always a last resort. So, when we faced the need to cut costs, we decided to rein in other areas of spending before letting any teammates go. This will require a cultural shift in how we operate, but it is one that I believe is necessary.
- The CEO's announcement of mass layoffs has sent shockwaves through the company. Employees are scrambling to understand how the layoff will impact them, with many fearing for their jobs. The Recruiting department is expected to be particularly hard hit, with many employees set to lose their jobs. This is a devastating blow for the company and its employees, who are now facing an uncertain future.
- The stock of Meta, a tech company, has been bleeding since last year, when the Federal Reserve began tightening monetary policy. The stock is down 69% since then, and other tech companies have been affected as well.
- It's been a tough year for crypto companies, with many of them being forced to lay off employees in order to stay afloat. Coinbase and OpenSea are two of the biggest companies affected, and it's unclear how they'll recover in the coming months.
- Twitter is also following in Facebook's footsteps and eliminating a vast portion of its workforce after Elon Musk took over the company's leadership. This move is sure to send shockwaves throughout the social media world, as two of the biggest platforms are now making major changes.
It's no secret that the social media landscape has been shifting in recent years. First, it was Facebook's Cambridge Analytica scandal that rocked the world and put data privacy in the spotlight. Then, Twitter announced that it would be laying off 9% of its workforce.
