Facebook-owner Meta to cut 13% of its workforce
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Meta, which owns Facebook, Instagram and WhatsApp, has announced that it will cut 13% of its workforce.
In total 11,000 employees are to be laid off from its worldwide headcount of 87,000 people.
In a statement, Meta chief executive Mark Zuckerberg said the cuts were “some of the most difficult changes we’ve made in Meta’s history”.
The news follows major lay-offs at Twitter, which cut about half its staff, and other tech firms.
“I know this is tough for everyone, and I’m especially sorry to those impacted,” he wrote in the statement.
Mr Zuckerberg blamed massive long-term expectations for growth based on the firm’s rise in revenue during the pandemic.
“Many people predicted this would be a permanent acceleration,” he wrote, “I did too, so I made the decision to significantly increase our investments.”
Instead he said “macroeconomic downturn” and “increased competition” caused revenue to be much lower than expected
“I got this wrong, and I take responsibility for that,” he said.
-BBC
ABOUT: Nana Kwesi Coomson
[email protected] An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.
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