Mark Zuckerberg to fire 11000 Meta employees in 2022, SHOCKING!
After the mega firing spree of Elon Musk's Twitter, it is now Mark Zuckerberg who is getting ready to follow suit. In a report that surfaced recently, Meta Platforms will let go of 13 percent of its workforce this year. In easier numbers, that means Facebook-owner Meta will ask 11000 of its employees to go. The reason behind the massive firing is to accommodate for the soaring costs as well as a weak advertising market.
This is the largest layoff spree in Meta's 18-year history, which originally started as Facebook. Recently, Elon Musk did the same for his newly acquired Twitter, wherein employees were fired from across the world. The same happened with Microsoft a while ago.
The reason behind the sudden firing is the lower yields from a decades-high inflation and higher interest rates. During the COVID induced lockdown, these tech companies were enjoying a boost in their valuations.
Meta has also said that it plans to cut discretionary spending. It will also extend its freeze on hiring through the first quarter. Meta has been hiring a lot of personnel over the last few years for improving its experiences on Facebook and all its other platforms. Facebook had gotten a fact checker team for preventing dissemination of fake news.
Meta's layoff could overshadow the massive firing over at Twitter. Elon Musk, after taking over Twitter, had fired ex-CEO Parag Agarwal and the top management at the company. Musk had since then hired a couple of new people to help bring Twitter back on track.
Read more on tech.hindustantimes.com
