Beleaguered Meta CEO Mark Zuckerberg told hundreds of executives that plans to lay off employees would begin tomorrow, according to The Wall Street Journal, which cited people familiar with the matter.
Zuckerberg laid the blame at his own feet, telling executives he was responsible for the company's missteps and its overstaffing, the report said.
A couple of days ago, The Wall Street Journal said the tech giant intended to let go of thousands of staff members. At the end of September, Meta — which owns two of the world's most popular social media companies, Facebook and Instagram — reported it had 87,000 employees.
The CEO has been widely criticized for his decision to invest billions of dollars in the metaverse. So far this year Meta’s metaverse division has lost nearly $10 billion.
The reduction in headcount, perhaps the largest round of layoffs in Meta’s nearly two-decade existence, follows a September hiring freeze. Meta has said it wanted to trim costs by 10%.
Meta is far from alone in its struggles. Other firms focused on the metaverse including Bitmex, Dapper Labs and Mythical Games have also laid off staff this month. Additionally, more traditional tech companies, like social media platforms Twitter and Snap, have announced layoffs amid slowed growth.
© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.