“Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected,” Zuckerberg said.
In addition to mass layoffs, Zuckerberg revealed his company will also cut discretionary spending and extend the hiring freeze until the first quarter. However, Meta does not disclose the expected cost savings from the policy.
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“Overall, this will add to a meaningful cultural shift that in how we operate.”
As of the end of September 2022, Meta employed 87,314 employees worldwide. Not only Facebook, mass layoffs were also carried out by a number of other giant technology companies, including Twitter and Microsoft. (un)