Meta CEO Mark Zuckerberg Confirms Mass Layoffs Of Employees, Cites His Own 'missteps'

After the microblogging site, Twitter, Meta Chief Executive Mark Zuckerberg has also announced mass layoffs of employees due to his 'mistake.'
November 9, 2022 by Ajeet Kumar
After the microblogging site, Twitter, Meta Chief Executive Officer Mark Zuckerberg has also announced mass layoffs of employees due to his 'missteps'. According to a report by the Wall Street Journal, Zuckerberg appeared downcast in Tuesday's meeting and said he was accountable for the company's missteps. During the last meeting with top brass, he acknowledged that his over-optimism about growth had led to overstaffing. As per American media sources, it is expected that Meta will cut thousands of employees beginning Wednesday. It said this would be the largest layoffs of employees in the tech sector.
Meanwhile, Lori Goler, Meta's head of human resources, said those employees who lose their jobs, will be provided with at least four months of salary as severance. Further, citing Meta CEO, the media report claimed the recruiting and business teams would be majorly affected by the upcoming layoffs. A general internal announcement of the company's layoff plans is expected around 6 am (local time) on Wednesday, reported Fox News, with the specific employees losing their jobs informed over the course of the morning.
Facebook had hired aggressively even during the COVID pandemic
It is worth mentioning Meta, the parent company of Facebook, has more than 87,000 employees around the globe. It had hired aggressively even during the COVID-19 pandemic-- at a time when multiple tech companies had laid off thousands of its employees. After hiring aggressively through the pandemic, the tech industry is facing its biggest retrenchment in years. Twitter Inc. is laying off thousands of employees under new owner Elon Musk, as he tries to restructure the company to match his vision while facing widespread concern from advertisers about its new direction. Meanwhile, Meta's stock has fallen more than 70 per cent this year. The company has highlighted deteriorating macroeconomic trends, but investors have also been spooked by its spending and threats to the company's core social-media business.