Zuckerberg Announces Major Workforce Reduction at Meta
Meta has announced plans to lay off more than 11,000 employees, around 13% of its global workforce, as CEO Mark Zuckerberg seeks to reduce costs following what he described as excessive investment during the pandemic-driven growth period.
Zuckerberg said the company overestimated the long-term surge in online activity after COVID-19 and expanded too quickly. Meta is now cutting investments in several areas, including its metaverse-focused Reality Labs division, while slowing hiring and improving operational efficiency.
Meta Reportedly in Talks with Samsung for $6.5 Billion AI Chip Deal
Meta Cuts 13% of Workforce After Pandemic-Era Expansion
The company said affected US employees will receive severance pay, healthcare coverage for six months, career support, and immigration assistance where needed. The layoffs come as several technology companies, including Snap and Twitter (now X), have also reduced their workforces following rapid pandemic-era hiring.
Ufone May Be Rebranded as ‘e&’ After Telenor Merger, Report Claims
