Meta CEO Marck Zuckerberg has confirmed that the company will be laying off 11,000 workers, representing 13% of its workforce.
The company will also cut discretionary spending and extend its hiring freeze through Q1 2023, meaning that the company will not be hiring until after the stated period.
The move is coming barely a week after Twitter cut its staff by 3,700.
In a message to Met’s staff shared in the Meta Newsroom, Zuckerberg explained that aside from the layoffs, the company is taking other measures to cut costs. He hinted that the company had over-invested at the start of COVID-19 and now making efforts toward correction.
Explaining the circumstances leading to the mass job cut, Zuckerberg said:
While noting that the layoffs came as a last resort, Zuckerberg said the company has also decided to rein in other sources of the cost before letting teammates go. Overall, he said this will add up to a meaningful cultural shift in how the company operates.
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