Mark Zuckerberg Announces 11,000 Employee Layoff for Meta

Mark Zuckerberg announced he would be reducing the size of the Meta team by about 13%, resulting in the cut of more than 11,000 “talented” employees.

“I know this is tough for everyone, and I’m especially sorry to those impacted,” Zuckerberg shared on Wednesday in a blog post to employees. He also admitted the decision was “some of the most difficult changes we’ve made in Meta’s history.” 

Meta, like many other companies, has been negatively affected by the market downturn. According to CNN Business, “Last month, the company posted its second quarterly revenue decline and said that its profit was cut in half from the prior year. Once valued at more than $1 trillion last year, Meta’s market value has since plunged to around $250 billion.”

Zuckerberg explained in his post that since the pandemic, Meta grew more dominant, but it did not stay that way. “At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. 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 …

I got this wrong, and I take responsibility for that.”

Zuckerberg explained that in addition to the massive layoff, the company will implement cost-cutting changes over the next months.