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From the Metaverse to the Unemployment Line: Meta is Firing 11,000 Workers

From the Metaverse to the Unemployment Line: Meta is Firing 11,000 Workers

The is a bad week to work for a social media company.

After Twitter fired 3,000 employees over the weekend, today Meta, the parent company to Facebook and Instagram, announced it is cutting more than 11,000 workers — approximately 13 percent of its global workforce — in an effort to restructure the company.

In a post on Wednesday morning, Chief Executive Mark Zuckerberg said the company would cut staff across all of its businesses, specifically affecting its recruiting and business teams. The company is also looking to cut costs by reducing its office space, moving to desk-sharing for select workers and extending a hiring freeze over the next several months.

Zuckerberg shared the decline in stock and inability to compete as well as he hoped in a digital-ad market is what led to the mess. He was “overly optimistic” about the company’s growth and held himself accountable for the missteps.

“This is a sad moment, and there’s no way around that,” Zuckerberg wrote to the company. “I got this wrong, and I take responsibility for that.”

Meta’s stock has fallen more than 74 percent this year, costing Zuckerberg $100 billion of what last September was a $136.4 billion net worth. The company has pointed to a struggling economy as the source of many problems, but it can’t be ignored how much audience Meta is losing every day to TikTok. Coupled with years-long accusations of misinformation being widespread on Facebook, it’s no surprise that Meta is looking to change things up.

Meta is just the latest social media company to make major cuts. In addition to Twitter’s new “Chief Twit” Elon Musk cutting thousands of employees this week, back in August, Snap Inc. announced they would be cutting roughly 20 percent of its staff to adjust for low profits.

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