The rumors of the previous days were confirmed a while ago, as o Mark Zuckerberg officially announced that Meta will lay off 11.000 workers (or about 13% of its workforce) within the next few weeks!
Ο Zuckerberg he even admits that he was overly optimistic about the company's growth.
With the mass layoffs, Zuckerberg believes that Meta will become more efficient and sustainable, because there will be a significant reduction in expenses that available resources will be more properly reallocated to the company's high-growth groups, such as advertising, AI and the metaverse.
It was to be expected that Meta's growth could not continue at the pace of the previous decade, both due to the shift of users to other platforms and due to the serious scandals that came to light and plagued the company. Also, the markets never really took to Zuckerberg's... premonition of the metaverse and therefore, after all, the company's stock lost almost 70% of its value in 2022!
Nevertheless, the Zuckerberg considers that the situation is reversible and declares the following:
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