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. READ:
NEW YORK, United States – 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.
The tech industry is in a serious slump and several major firms have announced mass layoffs — Twitter’s new owner Elon Musk fired half its staff last week. The measures were also a message to Wall Street, where the company’s poor performance has sent the Meta share price plummeting by 70 percent since the start of the year.
Zuckerberg renamed the company Meta a year ago to reflect the commitment to the project, but the division working on metaverse technology has since made losses of more than $3.5 billion. Zuckerberg has hinted several times this year that belt-tightening measures were just around the corner and said in his letter on Wednesday that staff layoffs were a “last resort.”
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