Facebook owner Meta will lay off more than 11,000 of its staff in 'the most difficult changes we've made in Meta's history,' boss Mark Zuckerberg said on Wednesday.
PARIS — Facebook owner Meta will lay off more than 11,000 of its staff in "the most difficult changes we've made in Meta's history," boss Mark Zuckerberg said on Wednesday.
"I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I'm especially sorry to those impacted," heZuckerberg said that as more of the world moved online due to the pandemic, he assumed it would be a "permanent acceleration" that would continue even after the pandemic ended.
"[...]I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected. 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," he said.
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