Meta Cuts Off 13% Of The Company’s Total Workforce
Mark Zuckerberg, CEO of Meta Platforms, said that the firm would eliminate more than 11,000 workers in the first significant wave of layoffs in the history of the social media behemoth.
Just a few weeks ago, the company released a harsh financial report that revealed a $9.4 billion annual deficit for its metaverse sector. The layoffs are part of an effort to reduce losses.
Zuckerberg also announced that the social media business would reduce expenditures and prolong its hiring freeze into the following year in a letter to staff members.
Meta CEO said in the statement that was sent to the company employees and posted on its website:
“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.”
In a second regulatory filing on Wednesday, Meta said that it still anticipates losses in the Reality Labs segment, which houses the investments in the metaverse, to increase “significantly” year over year in 2023.
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