Mark Zuckerberg Announced Meta, The Parent Company of Facebook Has Laid Off 11,000 Employees

Mark Zuckerberg Announced Meta, The Parent Company of Facebook Has Laid Off 11,000 Employees

Mark Zuckerberg announces that Meta, the parent company of Facebook, has laid off 11,000 employees. The workforce of 13% was laid off today by Zuckerberg due to a fall in advertising revenue.

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In the statement, Zuckerberg told Meta had overinvested at the start of Covid, banking that the increase in online activity would continue and accelerate even after the pandemic ended.

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“Unfortunately, this did not play out the way I expected,” he said. “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.”

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How Many Employees Laid Off In Meta?

Zuckerberg laid off more than 11,000 employees. Meta, the parent of Facebook, Instagram, and WhatsApp reduced its work force by 13% and extended a hiring freeze through the first quarter of 2023

Brynn Deon is a freelancer and a Content Writer for Maxblizz. Joined the team maxblizz on July 2021. Brynn was interested in the journalism and media industry. brian also has Expertise in SEO. Brynn also has worked in the film industry for almost 3 years in the United States. Reach Brynn at Brynn@maxblizz.com

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