In an announcement this morning, Meta confirmed its plans to cut more than 11,000 jobs globally as part of a major restructuring of the tech giant.
Meta founder and chief executive Mark Zuckerberg said the cuts were “some of the most difficult changes we’ve made in Meta’s history”.
He added: “We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1 [2023].
“I want to take accountability for these decisions and for how we got here. I know this is tough for everyone and I’m especially sorry to those impacted.”
Zuckerberg blamed the “macroeconmic downturn, increased competition and ads signal loss” for causing a drop in Meta’s revenue, which has now led to the substantial staff cuts.
In a message to Meta employees, Zuckerberg confirmed around 11,000 of Meta’s 87,000-person global workforce would be cut, adding: “I got this wrong and I take responsibility...