Mark Zuckerberg admits he got “wrong” when Meta fires 11,000 Facebook and Instagram employees

MARK Zuckerberg is firing more than 11,000 Meta employees after admitting he misunderstood the social network’s growth plan.

The company, which owns Facebook, Instagram and WhatsApp, will lose 13 percent of its 87,000 employees worldwide.

Facebook boss Mark Zuckerberg had warned of tough times

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Facebook boss Mark Zuckerberg had warned of tough timesPhoto credit: AFP

Zuck, 38, described the painful move as “the most difficult changes we’ve made in Meta’s history.”

“I know this is difficult for everyone and I am particularly sorry for those affected,” he told staff on Wednesday.

Meta has been hit by rising costs and a weaker advertising market, which it relies heavily on to make money.

The social network also took a massive risk with Zuckerberg’s Metaverse dream, pumping billions into the project.

It is the first major job cuts in Meta’s 18-year history.

Other tech giants are going through similar pressures, including Twitter, which recently laid off around half of its 7,500 employees — as part of its $44 billion acquisition of Elon Musk.

Unlike most companies, Facebook has been one of the few winners during Covid as the world became dependent on online platforms.

However, Zuckerberg admits he was wrong to significantly increase investment, believing Meta’s surge would continue during the pandemic.

“I got that wrong, and I take responsibility for that,” he said.

“We have reduced costs across our business, including cutting budgets, reducing perks and reducing our real estate footprint.

“We are reorganizing teams to increase our efficiency.

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“But these actions alone won’t align our spending with our revenue growth, so I’ve also made the tough decision to let people go.”

Most of the affected employees are now locked out of Meta’s top-secret systems, with the exception of their emails.

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https://www.thesun.ie/tech/9701607/facebook-meta-lay-off-11000-staff/ Mark Zuckerberg admits he got “wrong” when Meta fires 11,000 Facebook and Instagram employees

Fry Electronics Team

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