Meta Fires Over 11,000 Workers, Zuckerberg Apologizes via Video

UPDATE: META officially fires 11,000 employees. Mark Zuckerberg makes an apology via video [CNBC].

The original story this morning below [7 AM PST]:

If Elon Musk laid off 3,700 workers (50% of its workforce) and was hailed as the devil for it, what does that make Mark Zuckerberg?

The Meta founder just announced plans to lay off a staggering 11,000 workers (13% of its workforce) to try to plug financial bleeds as the company struggles to come back from a devastatingly bad Q3.

Zuckerberg made the announcement Wednesday and issued an apology, taking responsibility for the circumstances that led to the difficult decision.

Zuckerberg said in a blog post, “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.”

He added “At the start of COVID, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected.”

But Zuckerberg says it’s not all doom and gloom, he believes that Meta is “deeply underestimated as a company today,” adding, “We do historically important work. I’m confident that if we work efficiently, we’ll come out of this downturn stronger and more resilient than ever.”

The layoffs were a last report, Zuckerberg explains, saying they cut discretionary spending elsewhere first to try to avoid the necessity of layoffs.

Meta stock was up about 4% in the wake of the announcement for pre-market trading.


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