Meta announces huge job cuts affecting 11,000 employees
Meta has announced it will lay off 11,000 employees or around 13 percent of the company’s total staff. CEO Mark Zuckerberg announced the news in a blog post, saying he was at fault for being overoptimistic about the company’s future growth based on a pandemic surge.
“At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth,” said Zuckerberg. “Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected.”
Zuckerberg said the company...