Meta, Facebook’s parent company, has announced that it will lay off over 11,000 or around 13 percent of its employees in order to become a more ‘effective’ organization by reducing expenses and extending the hiring freeze.
In a message to the company’s staff, Chief Executive Officer (CEO), Mark Zuckerberg, accepted responsibility for the decision and stated that he understood how difficult it is for everyone.
Earlier on Tuesday, Zuckerberg held a meeting with the top officials in order to discuss the decision regarding the layoffs. One the of participants of the meeting said that the CEO believes that the company has grown rapidly, as it attracted more users and acquired WhatsApp and Instagram.
Furthermore, it struggled financially as it attempted to enter the metaverse business in the midst of a worldwide economic crisis and a collapse in digital advertising.
Note here that Meta recorded a 50 percent drop in quarterly profits and reported a sales decline for the second straight month last month. This year, its stock has plunged by more than 72 percent.
Separately, Elon Musk, who recently acquired Twitter, laid off half of the company’s 7,500 workers last week and revealed that it was losing $4 million each day.
