Zuckerberg Apologies After Meta Fires 11,000 Employees
Meta, which is currently the world’s biggest social media giant has fired more than 11,000 employees to cut down the operational cost of the company.
Meta, which is a parent company to the world’s biggest social media giants, including Instagram, Facebook and WhatsApp, is owned by Mark Zuckerberg. Now, Meta has laid off more than 11,000 of its employees around the world. It should be noted that Meta’s CEO Mark Zuckerberg, had already given the signs of the layoff. In a message posted by Meta CEO Mark Zuckerberg, the company fired more than 11000 employees on Wednesday 9th November 2022, reducing the manpower of the company by around 13%. Meta has around 87000 employees worldwide, out of which around 11000 are being laid off by the company, in what will likely be the biggest employment layoffs in the history of the business. Facebook has continually added staff members since Mark Zuckerberg launched the business in 2004. It had 87,314 employees as of the end of September this year, which was a record. However, the business, now known as Meta, started making significant employment cuts on Wednesday 9th November 2022.
Along with laying off the manpower, Meta has implemented other cost-cutting measures as it is suffering with soaring increased operational costs and dipping ad revenues. Before the firings came, Meta had been giving signals of cost cuts, by shrinking its real estate occupancies such as office buildings and withdrawing some of the perks to its employees, such as free laundry and dry cleaning services and dinners they were allowed to take home to families.
Why has Meta been forced to cut costs?
Broadly for two reasons — falling ad revenue and because it is pouring money into the Metaverse project. During the Covid-19 pandemic, tech firms had seen a boom as people stayed indoors and spent more time online and on their devices. However, this boom did not last after the pandemic. Also, platforms like TikTok are posing a stiff competition to Facebook. Moreover, a video has also gone viral on social media. It is a Leaked footage where Mark Zuxkerberg is seen addressing the employees & apologizing for firing them from the job. What do you think about this? Do mention your thoughts in the comment section below.
