Updated on 2022-11-11
Meta cut 11,000 jobs — about 13% of its workforce — in a reckoning that has been a long time coming.
No other tech company has found itself in such a precarious position with:
- Surging recruitment and talent costs on the gamble that the digital habits we cultivated during the pandemic would be permanent (it wasn’t)
- A bet-the-farm investment on creating a metaverse platform that even employees didn’t want to use (even though it cost the company $12 billion and is racking up billion-dollar losses)
- A drastic slowdown in the digital advertising market as brands hold off on spending in the face of a potential global recession
- Apple’s default do-not-track option on iOS (resulting in lower quality advertising performance for brands)
- Apple’s 30% tax on all ad sales done on iOS (the ultimate toll booth)
- An ongoing pivot to making Facebook and Instagram more like TikTok (and the core audience hates that)
- A 70% fall in its share price this year
Underneath it all, Meta is still a spectacularly profitable company with an industry-leading advertising platform. But with 58% of the voting shares, Zuck is untouchable and is therefore fully responsible for this hot mess that the company finds itself in. Finding the confidence to move forward will be Zuck’s hardest challenge yet. Read his memo to employees here.
Overview: Meta Large Scale Layoffs
In an official statement, Mark Zuckerberg confirmed Meta is reducing its team by 11,000 employees, about 13% of the workforce… and he’s hinting at additional steps to make the company “leaner.” Read more: Mark Zuckerberg’s Message to Meta Employees
Meta is preparing “large-scale layoffs” this week which will affect thousands of employees, according to the Wall Street Journal. The news came soon after the company predicted a weak holiday quarter. Talk about a disappointing year. Read more: Facebook parent Meta is preparing large-Scale Layoffs this week, Wall Street Journal reports
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