THE FRESH BYTES
BUSINESS
Meta Inc, which is the parent company of Facebook, announced the mass layoff 11,000 employees, 13% of its workforce.
Mark Zuckerberg informed employees on Tuesday about the job cuts and said that he takes "accountability for these decisions and for how we got here."
As of September, Meta employed over 87,000 people around the world. This layout accounts for more than 13% of the total employees working for Meta globally
This sacking comes a couple weeks after one of Meta's largest shareholders wrote an open letter suggesting major changes needed to be made within the company.
The move comes as other big tech companies are struggling with the ongoing economic slowdown.
This clearly is being shown with the performance in the recent quarter for Meta as their major source, Advertising revenue slips by a big margin.
Immediately after the third quarter results, Meta's share price plunge by close to 20% which again caused turbulence among the investors
Meta's share price is also down by more than 70% in the last 1 year which directly causes this mass lay offs and hiring freeze till the first quarter of 2023