Meta part of one of the year’s biggest layoffs

Published

3 years ago

November 10, 2022

Facebook, Instagram and WhatsApp owner will cut 13 per cent of its workforce

The first mass lay-offs in the firm’s history will result in 11,000 employees getting the sack, that’s one in eight losing their job at the company.

The lay-offs would affect its research lab focusing on the metaverse as well as its popular apps including insta and Facebook.

Meta boss Mark Zuckerberg says the cuts were “the most difficult changes we’ve made in Meta’s history”.

He took responsibility and blamed himself for expanding the social media company too quickly.

“I know this is tough for everyone, and I’m especially sorry to those impacted,” he wrote in a statement.

“Many people predicted this would be a permanent acceleration,” he said, “I did too, so I made the decision to significantly increase our investments.”

“I got this wrong, and I take responsibility for that.”

The news follows major lay-offs at Twitter, which cut about half its staff.

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S&P 500 dips as tech stocks struggle with AMD leading losses

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