On Wednesday, Meta announced it will let go 11,000 employees, or 13% of its workforce, the biggest layoff in the tech giant’s history.
“I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted.”
– Mark Zuckerberg, CEO of Meta
Meta’s shares have lost more than two-thirds of their value, and the company reported that profits fell to $4.4bn in the last quarter, a 52% decrease year-on-year.
Investors are worried over Meta’s decision to pivot away from social media, and instead choosing to invest more than $10bn a year into the “Metaverse”.
Competition from TikTok is also a growing concern as younger users flock to the video sharing app instead of Meta’s Instagram.
Last week, Elon Musk laid off about 3,700 people, nearly half of Twitter’s workforce, after acquiring the social media platform.
