I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go.Meta CEO Mark Zuckerberg in a message to Meta employees. Other major tech companies have recently announced layoffs, but Meta’s appear to be the largest of the year within the tech sector.
Why It Matters: Zuckerberg explained that part of the reason Meta – which operates Facebook, Instagram, WhatsApp, and other companies – is cutting back on employees is because of "macroeconomic downturn, increased competition, and ads signal loss" which has led to decreased revenue. This will impact more than 11,000 people who work for Meta's companies.
Important Context: Tech companies have seen general growth in recent years, but the shifting economy has led to many choosing to cut back on employees. Twitter began laying off employees last week, days after the new owner, Elon Musk, joined the company. Snap Inc., who owns SnapChat, announced in August they plan to cut about 20% of staff.
Facebook Parent Meta to Cut 11,000 Staff (The Wall Street Journal)
by Jenna Lee,