USA Today Episodes Around November 9, 2022
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0:45Now PlayingMeta, Twitter, Amazon and other tech companies lay off, freeze hiring | USA TODAY
Nov 9, 2022·5.7K views
November 9, 2022
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0:45Now PlayingMany of the major tech companies in the US are announcing layoffs and hiring freezes.
RELATEDMetaverse, the future of the internet, explained
Facebook parent company Meta will lay off more than 11,000 employees, about 13% of its workforce, CEO Mark Zuckerberg announced Wednesday. In a message to employees, Zuckerberg said the company plans to take additional steps along with the layoffs "to become a leaner and more efficient company."
"The teammates who will be leaving us are talented and passionate, and have made an important impact on our company and community," Zuckerberg wrote. "Each of you have helped make Meta a success, and I’m grateful for it." Zuckerberg said Meta significantly increased investments, believing surges in e-commerce and people shifting online during the pandemic would remain high.
"Unfortunately, this did not play out the way I expected," he said. "Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that."
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