In the coming period, as many as 11,000 people will be laid off at the company, which represents around 13 percent of the total workforce. Meta is suffering from a bad advertising market and billions of investments in the metaverse are still hardly yielding anything.
And with that, the disaster is not over, because in the coming time the company will take even more steps to work more efficiently. The company is going to cut costs and extend the current vacancy freeze until the first quarter of next year.
It is not yet clear who should leave the company, the staff receives a personal email as soon as possible with information about the consequences of the reorganization for him or her.
“There is no good way to do this,” Zuckerberg wrote.
Those who are already told today that they have lost their jobs are immediately cut off from the systems. That’s because of the access they have to sensitive information. Their email addresses are still working today, so they can say goodbye.
It’s “one of the hardest changes in Meta’s history,” according to Zuckerberg, the founder of Facebook, the company’s forerunner. He goes deep through the dust, taking the blame for the past miscalculations that make the wave of resignations necessary now.
“I know it’s hard for everyone, and I’m especially sorry for those affected,” he said. At the start of the corona crisis, the world looked a lot brighter for tech companies, Zuckerberg outlines. Much more was bought online, and that led to a large growth in sales.
Many people predicted that this would continue to rise even after the pandemic was over. “I did that too and that’s why I decided to increase our investments considerably. Unfortunately, it did not go as I expected,” the top man puts his hand in his own bosom. “I was wrong and I take responsibility for that.”What exactly this means is not in the message.
The lag in advertising revenue from investments in AI and the metaverse praised by Zuckerberg have given the company’s stock market price a major blow. And this is also reflected in Zuckerberg’s ability. Since the beginning of this year, he lost almost $ 90 billion in shares.