Mark Zuckerberg's Meta Lays Off  Around 11000 Employees

Created By: StateWeb

Nov. 09, 2022

Mark Zuckerberg's Facebook parent company Meta Lays Off  Around 11000 Employees in the latest sign of tech slowdown.

Credit: Social Media

On Wednesday, 11,000 jobs, or about 13% of the workforce, were cut amid an industry slowdown that has plagued Silicon Valley in recent months.

Credit: Social Media

CEO Mark Zuckerberg announced the decision in an email to employees Wednesday morning.

Credit: Social Media

Zuckerberg said the layoffs were "some of the most difficult changes we've ever made in the history of Metro,"

Credit: Social Media

Meta CEO also added that the company has overhired during the pandemic.

Credit: Social Media

The company said its 2022 spending outlook is unchanged at $85 billion-$87 billion and includes costs related to restructuring.

Credit: Social Media

"The 2023 spending budget continues to be refined will be between $94 billion-$100 billion, down from $96 billion-$101 billion previously."

Credit: Social Media

Zuckerberg, in his note to employees, said the layoffs were a "last resort" decision that he didn't expect, "it's a sad moment, and there's no way around it."

Credit: Social Media

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