Meta, which owns Facebook, Instagram and WhatsApp,
has announced that it will cut 13% of its workforce. The first mass
lay-offs in the firm's history will result in 11,000 employees, from a
worldwide headcount of 87,000, losing their jobs. Meta chief executive
Mark Zuckerberg said the cuts were "the most difficult changes we've
made in Meta's history". "I know this is tough for everyone, and
I'm especially sorry to those impacted," he wrote in a statement. Mr
Zuckerberg blamed massive long-term expectations for growth based on the firm's
rise in revenue during the pandemic. "Many people predicted this
would be a permanent acceleration," he wrote, "I did too, so I made
the decision to significantly increase our investments." Instead he
said "macroeconomic downturn" and "increased competition"
caused revenue to be much lower than expected "I got this wrong, and I
take responsibility for that," he said. The announcement of job cuts
was widely expected. Mr Zuckerberg told hundreds of Meta executives of the
plans on Tuesday, the Wall Street Journal reported.
