After Twitter, now the social media giant Meta has officially confirmed that they are reducing 13% of its total workforce. The company has actually fired 11000 employees pant the CEO of the company Mark Zuckerberg has asked sorry as well.
Mark Zuckerberg released a message by revealing more than 11000 talented employees will not be part of the company and that is 13% of its total workforce.
It is also pointed out that misjudgments in investments, the weak ad market, and the macroeconomic downturn as some of the reasons for the mass layoff.
The company is also facing increased competition and weak in ad revenue which is making this kind of decision and the company wants to become more capital efficient.
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