The staff reduction, which will affect 13% of the workforce, is the first in 18 years. Zuckerberg says he was wrong to increase investment during the online boom of the pandemic. “Unfortunately, this did not go as expected. I was wrong and I take responsibility for it,” he added.
The company Meta, which is chaired by Mark Zuckerberg and owner of social networks Facebook, WhatsApp and Instagramhas announced, among other things, that it will 13% of its workforce (about 11,000 employees), according to a statement published Tuesday on its website and signed by Zuckerberg herself.
This is the first mass layoff in the tech giant’s 18 years of life. In addition, it has also indicated that it will not conclude any contracts in the first quarter of 2023. Receive data subjects an e-mail to let them know about your situation.
Zuckerberg assures in his statement that this decision is one of the “hardest” in the company’s history and assures that he takes responsibility.
The pandemic led to a significant increase in e-commerce and “excessive revenue growth,” the statement said. “Many people predicted that this would be a lasting acceleration that would continue after the pandemic. So did I, so I made the decision to significantly increase our investments. Unfortunately, it didn’t work out as expected. I was wrong and I take responsibility for it“, To add.
Now the recession macroeconomics, increased competition and the loss of advertisers have led to “our income is much lower than I expected”. So the company will focus on cutting costs and prioritizing some units, such as the one focused on the artificial intelligence engine.
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Source: EITB
I’m an experienced news author and editor based in New York City. I specialize in covering healthcare news stories for Today Times Live, helping to keep readers informed on the latest developments related to the industry. I have a deep understanding of medical topics, including emerging treatments and drugs, the changing laws that regulate healthcare providers, and other matters that affect public health.
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