Meta is letting go of more than 11,000 people, and Zuckerberg says, “I got this wrong.”
The cuts, which affect about 13% of the company’s staff, are the first big round of layoffs in the company’s history. Also, the company will keep its hiring freeze in place until the end of the first quarter.
The company said that there will be cuts across the board, but the recruiting team will be hit harder than other teams, and the business teams will be “more substantially” restructured.
In the statement, Zuckerberg said that he had expected the increase in e-commerce and web traffic since the start of the Covid-19 lockdowns to be a permanent trend. “But the downturn in the economy as a whole, more competition, and ad signal loss have made our income a lot less than we expected. I made a mistake.”
