Meta’s Zuckerberg blames himself for company’s missteps, initiates layoffs: WSJ

Quick Take

  • Meta CEO says he is accountable for company’s missteps and layoffs will begin tomorrow. 
  • The Wall Street Journal previously reported Meta intended to let go of thousands of employees.
  • The company’s trimming of staff could be the largest in its nearly two-decade history.

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.  

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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.


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About Author

RT Watson is a senior reporter at The Block who covers a wide array of topics including U.S.-based companies, blockchain gaming and NFTs. Formerly covered entertainment at The Wall Street Journal, where he wrote about Disney, Netflix, Warner Bros. and the creator economy while focusing primarily on technological disruption across media. Previous to that he covered corporate, economic and political news in Brazil while at Bloomberg. RT has interviewed a diverse cast of characters including CEOs, media moguls, top influencers, politicians, blue-collar workers, drug traffickers and convicted criminals. Holds a master's degree in Digital Sociology.

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