Meta announced on Wednesday that it had laid off 11,000 workers, or just over a tenth of its global workforce. This marks the second significant announcement of job cuts by a global social media company.
Mark Zuckerberg, co-founder and CEO of Meta, announced to the company’s staff that moving forward, the company would reduce discretionary spending even more and extend the hiring freeze until March 2023. According to Zuckerberg’s note, Meta increased its investments as more people continued to use the internet during the Covid19 pandemic in the hopes that the trend would continue after the pandemic as well.
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Meta announced on Wednesday that it had laid off 11,000 workers, or just over a tenth of its global workforce. This marks the second significant announcement of job cuts by a global social media company.
Mark Zuckerberg, co-founder and CEO of Meta, announced to the company’s staff that moving forward, the company would reduce discretionary spending even more and extend the hiring freeze until March 2023. According to Zuckerberg’s note, Meta increased its investments as more people continued to use the internet during the Covid19 pandemic in the hopes that the trend would continue after the pandemic as well.
Disclaimer
We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.
