Facebook and Instagram parent company Meta has let go of 11,000 employees which is about 13% of it previous workforce, this decision was carried out yesterday with employees saying their final goodbye.
This move was made as a result of the losses Meta has had during their large pivot to make their metaverse a reality, this is also coupled with the fact that apple had changed their ad policy which has made it hard for Facebook to generate much from revenue from it.
Mark Zuckerberg in a quote he released said;
“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.”
Mark Zuckerberg also posted a video few hours after the massive layoff was made, he said that he takes full responsibility for His decision and apologizes for any distress that he may have caused His former employees. Investors are keeping an eye on Mark’s leadership as
Meta stocks doesn’t look so good with the stock price standing at $98.