Wednesday morning came as a shock for many employees of Facebook when they were fired. Meta Platforms Inc has fired 13% of its employees across the globe in order to restructure and reduce costs. Some of the employees The move was anticipated after the Twitter takeover by Elon Musk. Let’s check the full details of why Facebook fired 11000 employees.
The layoffs, one of the largest in the tech industry are said to be a reflection of the poor performance of Facebook, declining stock values, and declining economy.
Why did Facebook fired 11000 employees?
According to the statement by Meta CEO Mark Zukerberg, a series of wrong decisions started during the pandemic era when almost every technology company was earning profits. Based on the outsized revenue growth, decided to increase the investments. However, the growth wasn’t steady as wrongly predicted by most investors.
Once the third richest man on the planet, Zukerberg took accountability for the company’s performance. His statement said, “I view layoffs as a last resort, so we decided to rein in other sources of the cost before letting teammates go. Overall, this will add up to a meaningful cultural shift in how we operate. For example, as we shrink our real estate footprint, we’re transitioning to desk sharing for people who already spend most of their time outside the office. We’ll roll out more cost-cutting changes like this in the coming months.”
The company has also stopped hiring for Q1 with some exceptions. The CEO will be vigilant on the macroeconomic factors, business performance, and operational efficiency based on which he will decide when to resume hiring.
The road ahead for Facebook
“This is a sad moment, and there’s no way around that. To those who are leaving, I want to thank you again for everything you’ve put into this place. We would not be where we are today without your hard work, and I’m grateful for your contributions.”
“To those who are staying, I know this is a difficult time for you too. Not only are we saying goodbye to people we’ve worked closely with, but many of you also feel uncertainty about the future. I want you to know that we’re making these decisions to make sure our future is strong.”, Mark Zuckerberg added.
You can read his full statement here.
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