Mark Zuckerberg has told executives that he was accountable for the company's missteps, which ultimately led to increased staffing. This, later on, resulted in broad layoffs for employees.
Mark Zuckerberg Will be Letting Go of Thousands of Employees at Meta
According to Fox Business's story, Meta is expected to cut thousands of employees starting November 9. While the company has resulted in mass layoffs, Mark Zuckerberg, Meta CEO, says he was accountable for the company's missteps.
Employees who lose their jobs in Meta will receive at least four months' worth of salary, per the report. Zuckerberg said that recruiting and business teams will face downsizing.
Zuckerberg Says the Reason Behind the Layoffs was Because He was Over-Optimistic Regarding the Growth
An internal announcement regarding the layoff plan is expected to be distributed among Meta employees by 6 AM. The company reportedly had 87,000 employees by the end of September due to its aggressive hiring throughout the pandemic.
An article by Wall Street Journal shares Zuckerberg saying he was over-optimistic regarding the growth. He attributed his over-optimism as the reason behind the overstaffing.
Officials Told Company Staff to 'Cancel Non-essential Travel Beginning This Week'
After the layoffs meeting, company directors from the organization's different sectors started to notify their subordinates regarding the cuts and reorganizations. Employees have been waiting for specifics regarding the layoffs for days as they are for the worst.
The employees are doing so by forming external groups along with different colleagues to talk about how the benefits should be used. Officials at the company have told staff to "cancel nonessential travel beginning this week."
Meta Will Experience Its Largest Company Layoff Ever in Its 18 Years of Existence
The company layoffs will be considered the first broad head-count reductions ever to Meta in its 18 years of existence. So far, Meta stock has also not been doing well in its race to finish the metaverse successfully.
Meta stock has fallen by over 70% this year, with the company highlighting deteriorating macroeconomic trends. The investors, on the other hand, are fearful due to the spending and threats to the company's main business, its social media.
Market growth has reportedly stalled due to competition from TikTok. Another reason Meta took a huge hit was that Apple decided to offer users a way to opt-out of tracking on their devices, which resulted in crippling the social media's ability to run target ads.
Read Also: 10 Meta Investors Already Lost $211 Billion Amid Metaverse Focus by Mark Zuckerberg
Mark Zuckerberg's Jet Recently Spent $14.5K on Fuel
ZuckJet, a Twitter account tracking the movements of Mark Zuckerberg, shared his recent trip, including his destination, the gallons used, pounds of jet fuel used, the cost of jet fuel, and tons of CO2 emissions that came from his trip. ZuckJet was created by Jack Sweeny.
ZuckJet found Mark Zuckerberg's jet traveling from LIH to SJC
The trip happened on Nov 8
Mark Zuckerberg's jet traveled 2,466 miles
The flight carried a total of 2,205 gallons
The flight used a total of 14,781 pounds of jet fuel
The total cost of the fuel used in Musk Zuckerberg's jet totaled $14,578
The amount of CO2 emissions that the flight caused total of 23 tons
Related Article: Mark Zuckerberg News: Meta is Down 73%, and Amid Mass Layoffs, Jet Uses Over $17K in Fuel
This article is owned by Tech Times
Written by Urian B.
