Mark Zuckerberg today officially announced that Meta will cut a total of 13% of their workforce, leading to the dismissal of over 11,000 employees from Meta.
For information, this is the first time that Meta has drastically reduced the number of employees.
Mark Zuckerberg said that at the beginning of Covid, many people expected that the digital arena would grow rapidly and would remain after Covid subsided. Mark Zuckerberg is also targeting the matter, at the same time increasing investments drastically on several things.
However, that did not happen, but led to more competition, macro-economic effects, and reduced income – forcing this step.
Meta also reduced costs in their business, including reducing budget, reducing multiple advantages, and reducing rental space.
However, Mark Zuckerberg said he would offer the best compensation to those affected.
Meta will also stop hiring new employees until early 2023.