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    HomeBusinessMark Zuckerberg will slash 11,000 of Meta employees as announced on Wednesday

    Mark Zuckerberg will slash 11,000 of Meta employees as announced on Wednesday

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    The Meta platforms’ recent announcement

    The Meta platforms Inc. recently announced that the Facebook and Instagram Meta platforms will lay off about 11000 employees or about 13 percent of its global workforce.

    Mark Zuckerberg
    Instagram/zuck

    Mark Zuckerberg’s mail to his employees

    CEO Mark Zuckerberg announced the decision through an email to the staff on Wednesday morning.

    Mark Zuckerberg wrote in the email that he will be sharing one of the most difficult changes they have made in Meta’s history and decided to reduce the size of their team by about 13% and let more than 11000 of their talented employees go.

    He further added that they will be taking a few more additional steps to become a leaner and more efficient company by cutting the discretionary spending and extending the hiring freeze through Q1.

    Zuckerberg
    Instagram/zuck

    Reason for this sudden decision

    The Facebook CEO, Mark Zuckerberg said that he wants to take accountability for the shift and he went on to explain the shift. He went on to explain the rationale for the cuts citing misleading digital trends, macroeconomic concerns, and Apple’s move to cut off user data from the third party.

    He added that the company is slashing its employee base and implementing the freeze because this will help to operate more efficiently and focus investment on a small number of core areas.

    Zuckerberg
    Instagram/zuck

    What new 2023 will see

    Zuckerberg said the updated range reflects their plan to add fewer employees in 2023 than they expect as they are significantly slowing their hiring trajectory through the beginning of 2023.

    The company also talked about its expenses of $85 billion-$87 billion in the year 2022 which will remain unchanged and the costs associated with the restructuring.

    In his memo, Zuckerberg added in the end that recruiting will impact particularly hard by Wednesday’s layoffs will be disproportionately affected since next year as they will be planning to hire fewer people.

    Also read: “THE BIRD IS FREED,” ELON MUSK TAKES OVER TWITTER IN A FIERCE BLOW

     

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