Type to search

Money News

Mark Zuckerberg To Fire 11,000 Meta Employees


Mark Zuckerberg To Fire 11,000 Meta Employees

Following a WSJ report earlier this week that explained Meta Platforms was about to slash thousands of jobs, CEO Mark Zuckerberg confirmed the layoffs in a letter to employees premarket Wednesday.

“I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go,” Zuckerberg told employees in a letter published on the company’s website. 

Zuck said, “We are also 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.

He continued: “I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted.”

The letter said job reductions would be observed across all its business segments. Meta said it would reduce office space, move to desk sharing for some workers, and extend a hiring freeze through the first quarter of next year.

“This is a sad moment, and there’s no way around that,” Zuck said, adding he misjudged post-Covid online activity. He believed elevated online activity during the virus pandemic would continue, though he was entirely wrong:

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

Shares of Meta are higher on the news, up more than 3% to the $99 handle in the premarket.

As of the last earnings, Meta had over 87,000 employees (and has never seen a quarterly decline in headcount in its 18-year history). That will change in the next quarterly report…

As a reminder, CEO Mark Zuckerberg told employees at a companywide

Continue reading Mark Zuckerberg To Fire 11,000 Meta Employees at ZeroHedge.

Download Now
Zero Hedge

Leading news site for global finance, economics, market, and political analysis.

  • 1