Meta will begin the process of reducing their workforce starting today. It was confirmed by Mark Zuckerberg himself in a meeting with company executives according to the WSJ report. In the meeting Zuckerberg admitted to making mistakes in predicting the expansion of the company causing too many staff to be hired.
Actions to reduce the workforce were made following the affected income, the value of the company's shares plummeted and the operating costs increased. Thousands of Meta employees out of 87,000 employees are believed to be out of a job. They will receive compensation of four months salary. The areas affected are recruitment and advertising.
With the world now gearing up for a recession, major tech companies have started hiring new hires. Intel and Twitter are two prominent companies that have also reduced their workforce so far.
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