Mark Zuckerberg’s Meta Fires 11,000 Workers
The parent company of Facebook, Meta, said today that the corporation would lay off 11,000 employees, which might be the largest layoff in the United States this year.
Last week, it was reported that the multinational corporation Meta intends to lay off a substantial number of employees in the coming days.
Mark Zuckerberg, the organization’s chief executive officer, has confirmed the big layoffs to Meta staff in a statement sent today.
“Today I’m going to discuss some of the most challenging adjustments we’ve made in Meta’s history,” said the creator of Facebook. I’ve chosen to cut the size of our workforce by around 13 percent and let go of over 11,000 brilliant people.
These layoffs are among the largest in the United States this year, if not the largest, and follow other major firings from notable firms, like Elon Musk’s Twitter.
As the market situation shifted, the company was compelled to take these actions as a consequence of greater expenditures made during the COVID digital boom that never paid off.
Because of the macroeconomic downturn, increasing competition, and the loss of advertising signals, our income has been far lower than had anticipated.
At the time of writing, the company’s stock is trading at $96 per share, a decrease of 28% over the last thirty days.
Also Read: Solend Struggles To Pay Down Its SOL Loan Owing To