CEO Mark Zuckerberg said in a letter to employees on Wednesday, Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes.
The job cuts come just one week after Twitter's new owner, billionaire Elon Musk, implemented a large-scale layoff program. Numerous positions have been eliminated at other tech firms that hired a lot during the pandemic.
According to Zuckerberg, he chose to hire aggressively because he expected substantial growth even after the pandemic lockdown ended.
Zuckerberg said Meta is cutting costs across its business, but he added that this alone won't big costs in line with its revenue growth.
In addition to the layoffs, a hiring freeze at the company will be extended through the first quarter of 2023, Zuckerberg said. The company has also slashed its real estate footprint and he said that with so many employees working outside of the office, the company will transition to desk sharing for those that remain.
More cost cuts at Meta will be rolled out in coming months, Zuckerberg said.
Zuckerberg told employees Wednesday that they will receive an email letting them know if they are among those being let go. Access to most company systems will be cut off for people losing their jobs, he said, due to the sensitive nature of that information.
“We’re keeping email addresses active throughout the day so everyone can say farewell,” Zuckerberg said.
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