Meta Culls 11K Jobs - Zuckerberg says his ‘missteps’ led to overstaffing
Facebook’s owner is laying off 13% of its workforce, some 11,000 employees, CEO Mark Zuckerberg said in a letter to staff.
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“Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” Zuckerberg said. Adding the firm is “taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”
The layoffs come as Meta’s share price plunged 70+% this year, with investors weary of its spending on the Metaverse and threats to the core business.
