Meta To Lay Off Over 11K Employees

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At a glance

  • “I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go,” CEO Mark Zuckerberg said in a letter to staff. “We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”
  • “I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted,” he said.
  • The billionaire wrote that, at the start of the pandemic, he and “many people” predicted that the surge of e-commerce would be a “permanent acceleration.”

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