Post by account_disabled on Feb 20, 2024 9:54:14 GMT
Mark Zuckerberg has announced that Meta is laying off 11,000 employees—approximately 13% of its workforce—and that it will also take “a series of additional steps to become a more agile and efficient company.” Recently, in a message shared with Meta employees , he claimed that he was making "some of the most difficult changes we have made in the history of Meta."
This situation resonates strongly, following the plans of the current owner of Twitter, billionaire Elon Musk, who, like Zuckerberg, has begun to lay off staff and change the way this social network was managed.
Assume the responsibility
In order to reduce expenses and increase Chile Mobile Number List efficiency, Zuckerberg indicated, in statements reported by ABC News , that he wanted to "take responsibility for these decisions and how we got here. "I know this is difficult for everyone, and I am especially sorry for those affected."
Additionally, the entrepreneur noted that Meta will now shift its resources to a "smaller number of high-priority growth areas," including Meta's AI discovery engine, its advertising and commerce platforms, and the much-discussed long-term vision for the development of Metaverse. "We have cut costs across our business, including reducing budgets, reducing profits and reducing our real estate footprint," he said.
«We are restructuring teams to increase our efficiency. But these measures alone will not align our expenses with our revenue growth, so I also made the difficult decision to lay people off.”
Mark Zuckerberg, owner of Meta.
It's worth noting that shares of Meta Platforms, the parent company of Facebook and Instagram, rose about 4% on the news in pre-market trading.
Why is Meta laying off 11 thousand employees?
Meta shares have been battered this year, trading below $100, less than 70% from their peak in January 2022, when they were at $353.83 per share. Faced with this, Zuckerberg took the opportunity to explain how Meta is laying off 11,000 employees at this point and why the decision was made.
“At the start of COVID, the world quickly moved online and the rise of e-commerce led to outsized revenue growth. Many people predicted that this would be a permanent acceleration that would continue even after the pandemic ended. “I did it too, so I made the decision to significantly increase our investments,” said the owner of Meta.
Unfortunately this did not turn out as I expected. Not only has online commerce returned to previous trends, but the macroeconomic downturn, increased competition, and loss of advertising signals have caused our revenue to be much lower than I expected. "I was wrong and I take responsibility for it."
Mark Zuckerberg, owner of Meta.
Meta lays off 11 thousand internal employees
Meta removed access to most of its internal systems for people who were laid off, but will keep email addresses up and running "so everyone can say goodbye."
“The teammates who will leave us are talented and passionate, and have made a significant impact on our company and community. Each of you has helped make Meta a success and I am grateful for that. I'm sure they will make it. Keep doing great work elsewhere.”
Mark Zuckerberg, owner of Meta.
«This is a sad moment and there is no way to avoid it. To those who are leaving, I want to thank you again for everything you have put into this place. We would not be where we are today without their hard work and I am grateful for their contributions," he noted.
This situation resonates strongly, following the plans of the current owner of Twitter, billionaire Elon Musk, who, like Zuckerberg, has begun to lay off staff and change the way this social network was managed.
Assume the responsibility
In order to reduce expenses and increase Chile Mobile Number List efficiency, Zuckerberg indicated, in statements reported by ABC News , that he wanted to "take responsibility for these decisions and how we got here. "I know this is difficult for everyone, and I am especially sorry for those affected."
Additionally, the entrepreneur noted that Meta will now shift its resources to a "smaller number of high-priority growth areas," including Meta's AI discovery engine, its advertising and commerce platforms, and the much-discussed long-term vision for the development of Metaverse. "We have cut costs across our business, including reducing budgets, reducing profits and reducing our real estate footprint," he said.
«We are restructuring teams to increase our efficiency. But these measures alone will not align our expenses with our revenue growth, so I also made the difficult decision to lay people off.”
Mark Zuckerberg, owner of Meta.
It's worth noting that shares of Meta Platforms, the parent company of Facebook and Instagram, rose about 4% on the news in pre-market trading.
Why is Meta laying off 11 thousand employees?
Meta shares have been battered this year, trading below $100, less than 70% from their peak in January 2022, when they were at $353.83 per share. Faced with this, Zuckerberg took the opportunity to explain how Meta is laying off 11,000 employees at this point and why the decision was made.
“At the start of COVID, the world quickly moved online and the rise of e-commerce led to outsized revenue growth. Many people predicted that this would be a permanent acceleration that would continue even after the pandemic ended. “I did it too, so I made the decision to significantly increase our investments,” said the owner of Meta.
Unfortunately this did not turn out as I expected. Not only has online commerce returned to previous trends, but the macroeconomic downturn, increased competition, and loss of advertising signals have caused our revenue to be much lower than I expected. "I was wrong and I take responsibility for it."
Mark Zuckerberg, owner of Meta.
Meta lays off 11 thousand internal employees
Meta removed access to most of its internal systems for people who were laid off, but will keep email addresses up and running "so everyone can say goodbye."
“The teammates who will leave us are talented and passionate, and have made a significant impact on our company and community. Each of you has helped make Meta a success and I am grateful for that. I'm sure they will make it. Keep doing great work elsewhere.”
Mark Zuckerberg, owner of Meta.
«This is a sad moment and there is no way to avoid it. To those who are leaving, I want to thank you again for everything you have put into this place. We would not be where we are today without their hard work and I am grateful for their contributions," he noted.
