On November 9th, 2022, Meta has confirmed firing nearly 13% of their staff, which amounts to some 11,000 (eleven thousand) workers. Largest lay off by the company in over 18 years.
Below is a quote from a written statement by Mark Zuckerberg, Meta’s CEO.
“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.”
Meta has already lost billions of dollars on its investments in the metaverse and has announced a hiring freeze earlier in 2022. Reality Labs has reportedly lost more than $10 billion in 2021.
Facebook’s ad revenue has also taken a significant hit due to Apple’s changes to apps’ ad tracking abilities.
Meta’s stock has increased since layoff announcements were made.