The workforce cut, which will affect 13% of staff, is the first in 18 years. Zuckerberg says that he was wrong to increase investments 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 owns social networks Facebook, WhatsApp and Instagramamong others, has announced that it will fire the 13% of its workforce (about 11,000 employees), according to a statement published on Tuesday on its website and signed by Zuckerberg himself.
This is the first mass layoff in the 18 years of life of the technology giant. In addition, it has also specified that it will not make any contracts in the first quarter of 2023. Those affected will receive an email to inform them of your situation.
Zuckerberg assures in his statement that this decision is one of the most “difficult” in the company’s history and assures that he assumes responsibility.
The pandemic caused a significant increase in e-commerce and “outsized revenue growth,” the statement said. “Many people predicted that this would be a permanent acceleration that would continue even after the pandemic was over. So did I, so I made the decision to significantly increase our investments. Unfortunately, this did not turn out as expected. I was wrong and I take responsibility for it“, Add.
Now the recession macroeconomics, the increase in competition and the loss of advertisers have caused, according to Zuckerberg, “that our income is much lower than I expected”. Thus, the company will focus on reducing costs and prioritizing some units such as the one oriented to the Artificial Intelligence engine.
Source: Eitb
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