Mark Zuckerberg apologizes for ‘wrong’ decisions that led to a 13% reduction in staff.
Meta is cutting more than 11,000 jobs following pandemic-era failures that left the company overstaffed and inefficient, according to CEO Mark Zuckerberg.
In a letter to employees—some 13% of whom will be affected by today’s layoffs—Zuckerberg took responsibility for wrongly overinvesting in digital shopping when the world shut down and everyone moved online.
Meta added more than 42,340 workers since COVID-19 struck, banking on the ongoing acceleration of e-commerce once the pandemic ended. Instead, its stock continues dropping and growth remains stagnant amid competition from TikTok and the impact of Apple’s privacy-focused tracking permissions.
