Zuckerberg said ‘Sorry’ for firing 11000 employees from Facebook, know why took this difficult decision
Facebook’s parent company Meta, the world’s largest social media platform, has created a stir by simultaneously firing 11,000 employees. Last week, Twitter has also shown the way out of half its employees. After this big decision, the company’s founder Mark Zuckerberg has issued an official statement. In this statement, Zuckerberg expressed grief over this layoff and said ‘sorry’. Let us know that today Meta has laid off more than 13% of its employees.
what Zuckerberg said
Today I’m sharing some of the most difficult changes we’ve made in the history of Meta. I’ve made the decision to reduce the size of my team by about 13% and let go of my more than 11,000 talented employees. We are taking several additional steps to become a more efficient company by cutting discretionary spending and freezing our hiring in Q1.
I want to take accountability for these decisions and how we got here. I know this is hard for everyone, and I feel especially sorry for those affected.
How did we get here?
At the onset of COVID, the world went online rapidly and revenue increased as e-commerce grew. Many predicted that it would be permanent. I also continued to expand and decided to increase investment. Unfortunately, it didn’t go as I expected. Not only is the online business back on track, but the macroeconomic slowdown, increased competition and advertising losses have made our revenues much less than I expected. I got it wrong, and I take responsibility for it.
In this new environment, we need to become more capital efficient. We have shifted most of our resources to more urgent development areas such as our AI discovery engine, our advertising and business platforms, and the Metaverse. We have cut costs across our business, including reducing budgets, reducing perks and depreciating real estate properties. We are restructuring teams to increase our efficiency. But these measures alone will not bring our expenses in line with our revenue growth, so I have also made the difficult decision to let people go.
How will this work?
There’s no good way to do a layoff, but we hope you get all the relevant information as quickly as possible and then do whatever we can to support you through this.
Everyone will soon get an email letting you know what this layoff means to you. After that, each affected employee will have the opportunity to talk to someone to get their questions answered and engage in an information session.
