CEO Facebook parent company Mark Zuckerberg announced Wednesday that Meta is laying off 11,000 workers, or about 13% of its workforce, in light of faltering revenues and broader tech industry woes. The move comes after, Elon Musk, the billionaire owner of Twitter, laid off thousands of employees just a week ago.
Meta has enjoyed a financial boon during the pandemic lockdown during the covid period. Meta’s struggles have been exacerbated by an economic slowdown and a dim outlook for online advertising, its largest revenue source.
Its quarterly revenue declined for the first time ever this summer, followed by an even bigger decline in the fall. The call for layoff is also because of the prediction of a recession in the market.