Zuckerberg Takes Responsibility for Sacking 11000 Employees

CALIFORNIA: Meta, one of the largest tech companies in the world, decided to lay off about 13% of its entire workforce in a bid to cut its costs.

Meta had laid off 11000 of its employees from different teams from across the world. This step follows speculations regarding the same since the last few days after the popular microblogging site Twitter let off nearly half of its workforce. A fall in earnings and loss of stock prices led the company to take this drastic measure, the first of its kind for the brand.

"Today I'm sharing some of the most difficult changes we've made in Meta's history. I've decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go," Meta head Mark Zuckerberg mentioned.

Mark Zuckerberg, the chief executive of Meta has also accepted the responsibility of this step and apologized to the employees of his company.

This might just be the beginning of such measures as the chief had mentioned that additional steps are on the way. This aims to make the company more efficient and encourage multitasking within the company. This step is an extension to the stoppage in the hiring process that they had put in at the beginning of this year and towards cuts in discretionary spending.

Meta is the parent brand of one of the most popular social media platforms, Facebook, photo sharing platform Instagram and messaging application WhatsApp among others. Facebook was the main revenue generator for the group, but changes in trends after the Covid-19 pandemic have hurt the finances to the core. With the brand pumping large amounts from their budgets to the Metaverse initiative and falling income, Zuckerburg is finding it hard to sustain the social media empire that he had set up in less than twenty years. Incidentally, this is the first time the company has seen a major dip since its inception in 2004.

"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 for those impacted," Mark Zuckerberg added.

He mentioned that the brand was expecting a source in terms of both traffic and ads soon after the lockdowns, but it never happened. The rise in competition as well as people falling back to traditional modes of advertising has been the key reasons that led to this position.

Zuckerberg said he anticipated that the surge in e-commerce and web traffic during the Covid lockdown would be part of a permanent acceleration. "But the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than expected. I got this wrong."

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