Meta Announces Layoffs Affecting 13% of Workforce; More Than 11,000 Employees to Be Fired Amidst ‘Cultural Shift’ – Bitcoin News

Meta, the social network company, has announced that it will cut 11,000 jobs, letting go of 13% of the employees in its workforce amidst a “cultural shift” in the company. Mark Zuckerberg, CEO of the company, explained this decision was made due to a need to become more “capital efficient,” and described the next steps the company will take moving forward.

Meta Fires: 13% of Workforce

Mark Zuckerberg, Meta’s CEO, has announced today that Meta will lay off 13% of its employees and let go more than 11,000 people in the following days. The decision comes after a determination to take the company in a “leaner and more efficient” direction, as the CEO explained in a blog post detailing the measure.

Zuckerberg said the company had believed the growth fueled by the coronavirus pandemic would be permanent, and that’s why it ramped up its investments. Zuckerberg said that it was regrettable and pointed out the fact that the revenue drop has also been caused by the changing macroeconomic environment and the increase in competition. Zuckerberg stated:

I made this mistake and take full responsibility.

‘Cultural Shift’ Announced, Metaverse Commitment Reinforced

As part of the measures taken to increase the efficiency of the company, Zuckerberg stated that the layoffs are part of a “cultural shift” that will affect how the company operates. Meta will, as an example share its desktops between employees who are part-time and maintain the hiring freeze through Q1 2023. In the days ahead, more cost-cutting strategies will be introduced.

Zuckerberg indicated that certain teams would be more affected than others. Reality Labs is also one of those affected. However, Zuckerberg remarked that his “long-term vision for the metaverse” will continue to be considered one of the “high-priority growth areas” for the company. These layoffs will result in a number of benefits for the employees, including career services and support for immigration-related visa-related employees.

The market reacted in a positive way to the announcement, with the price of Meta’s stock gaining almost 5% in the premarket, at the time of writing. Meta’s stock price has been pummeled this year, going from $331 in January to $96 this week, in part thanks to the lukewarm reaction that investors have had regarding the pivot the company is making to the metaverse and to the losses that the Reality Labs division, responsible for metaverse developments, has registered thus far.

Meta is laying off more than 11,000 workers. What are your thoughts? Leave your thoughts in the comment section below.

Sergio Goschenko

Sergio, a Venezuela-based cryptocurrency journalist. Sergio is a cryptocurrency journalist based in Venezuela. He says he was late to the party, having entered the cryptosphere during the December 2017 price increase. His background is in computer engineering, but he also lives in Venezuela and was impacted at the social level by the crypto boom. He offers an alternative perspective on the success of cryptocurrency and the benefits it has for the underbanked.

Images Credits: Shutterstock, Pixabay, Wiki Commons, askarim /

DisclaimerThis information is provided for educational purposes only. It does not constitute an offer, solicitation, or recommendation of any company, products or services. is not a provider of investment, tax, legal or accounting advice. The author and the company are not responsible for any loss or damage caused or alleged caused by the content or use of any goods, services, or information mentioned in the article.

Get more Crypto News at CFX Magazine