Facebook Parent Company Meta Fired Employees: Facebook’s billionaire CEO Mark Zuckerberg announced a massive round of layoffs Tuesday. In addition to laying off 10,000 employees, Meta has also banned hiring 5000 new employees. A reason for the company’s decision is said to be continued losses for Meta. As part of its effort to reduce costs, Meta forecasts spending in 2023 between $86 billion and $92 billion. The company aims to cut expenses by $ 3 billion to 5 billion in 2023. In addition to this, the company is preparing to fill the upcoming vacancies.
There will be restructuring and layoffs in the tech department of our company, expected to be announced between late April and possibly extending into May. In line with trends within the industry, recent data shows that over 280,000 workers have been laid off since the start of the year, with a significant portion being in January and February alone. Interestingly enough, we observed an increase in Meta’s shares by 6% on Tuesday morning after opening for business. Recent figures from executive outplacement firm Challenger Gray & Christmas show that for this same period last year, there were only 187 layoffs reported compared to a total of 63,216 this year.
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Facebook Parent Company Job Firing in January & February
IT companies continue to lead the race for layoffs, with 21387 jobs cut last month, or 28 percent of the total cut, compared to 1,02,943 in January, as companies cut 77,770 jobs in February. Is. Its effect is now slowly being seen in the market as well. Last week, after Silicon Valley Bank declared bankruptcy, the worldwide market declined. The Indian market has also suffered significant losses.
The Scoop Why Facebook Fired Employees
- Zuckerberg wrote in a blog post titled “Update on Meta’s Year of Efficiency” that layoffs will mostly happen over the next two months across Meta’s business, recruiting, and technology teams.
- Approximately 12% of Meta’s workforce has been laid off following the November firing of 11,000 employees.
- Additionally, Meta will close 5,000 job openings.
- Wall Street cheered Meta’s commitment to cutting costs and improving its bottom line as its shares rose more than 6% by 12 ET.
IS Firing Related to CHATGPT 4
MarkZukerberg Epic Quote
As a result of higher interest rates, volatile geopolitical conditions, and additional regulatory scrutiny, Zuckerberg cited the layoffs as contributing factors, saying the “new economic reality…leads to slower growth and higher innovation costs.” According to Zuckerberg, this suboptimal macroeconomic environment will last for many years.
Top Stories Facebook Meta Firing Employee
In the Washington Post last month, it was reported that Meta was planning to lay off thousands more employees, while in the Wall Street Journal last week, it was reported that the new round may be as large as November’s. Following the November cuts, Zuckerberg said the firings would minimize.
It is likely that Meta will have to lay off workers in the near future, as Alphabet and Microsoft laid off 10,000 employees earlier this year.
Gain in Meta Shares
Currently, Meta shares are up 53% year-to-date, the second-largest gain in the S&P 500, which is up about 0.8%. Meta shares are still down more than 50% from their all-time high in September 2021.
How many Employees have been fired by Meta?
The Zuckerberg-led company laid off close to 10,000 employees in the biggest layoff in its history.
Why is Meta firing employees?
Due to rising costs and slow ad revenues, Meta laid off around 10,000 employees, or 13 percent of its workforce
What is Mark Zuckerberg’s message to employees?
“I Got This Wrong” : Facebook Parent Meta’s Biggest Layoffs, Mark Zuckerberg says