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Mark Zuckerberg admits he got it 'wrong' as Meta
fires 11,000 Facebook and Instagram staff
(1º§)The company - which includes Facebook, Instagram
and WhatsApp - will see 13 per cent of its 87,000-person
global workforce gone. Zuck, 38, described the painful
move as "the most difficult changes we've made in
Meta's history". "I know this is tough for everyone, and
I'm especially sorry to those impacted," he told staff on
Wednesday.
(2º§)Meta has been hit by soaring costs and a weaker
advertising market, which it heavily relies on to ake
money. The social network has also taken a massive
gamble with Zuckerberg's metaverse dream, ploughing
billions into the project.
(3º§)It's the first set of broad job cuts in Meta's 18-year
history. Other tech giants are going through a similar
squeeze, including Twitter which recently let go of around
half its 7,500 workforce - as part of Elon Musk's $44billion
takeover. Unlike most companies, Facebook was one of
the few winners during Covid as the world depended on
online platforms.
(4º§)But Zuckerberg admits he was wrong to significantly
increase investments, believing Meta's surge during the
pandemic would continue. "I got this wrong, and I take
responsibility for that," he said. "We've cut costs across
our business, including scaling back budgets, reducing
perks, and shrinking our real estate footprint.
(5º§)"We're restructuring teams to increase our
efficiency. "But these measures alone won't bring our
expenses in line with our revenue growth, so I've also
made the hard decision to let people go." Most affected
staff will be frozen out from Meta's top secret systems
today, with the exception of their emails.
saaf/
://www.thesun.co.uk/tech/20370977/facebook-meta-lay-off-11000-staff/
