Keneci Network (@keneci)

Mark Zuckerberg's Meta Lays Off 11,000 Employees, As Big Tech Companies Bleed Revenue In a companywide culling, that impacted roughly 13% of its overall workforce, Facebook parent company Meta laid off more than 11,000 employees this week -- the most significant layoffs in the company’s history. The company had more than 87,000 employees globally. The job cuts impact employees across Meta’s “family of apps,” according to CEO Mark Zuckerberg. This includes Instagram and WhatsApp, as well as the Reality Labs division responsible for building the metaverse. Meta’s recruiting team will be “disproportionately affected” by the layoffs as the company pulls back on hiring. “Unfortunately, this did not play out the way I expected,” Zuckerberg said in an apologetic letter to employees. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that.” The CEO in the letter, also outlined additional cost-cutting moves, including cuts to “discretionary spending” and extending a companywide hiring freeze through the first quarter. Meta will require desk sharing for employees “who already spend most of their time outside the office,” he added. Other Big Tech companies including Stripe and Twitter also laid off employees this week. https://www.keneci.com/hotfeed-read-more#h.7vi7l1tgtv7h