Mark Zuckerberg admits he “got this wrong” as Meta set to cut 11,000 jobs

The first mass lay-off in Meta’s history will result in 11,000 employees, from a worldwide headcount of 87,000, losing their jobs. Meta chief executive Mark Zuckerberg said in a statement that the cuts were “the most difficult changes we’ve made in Meta’s history”.

The news follows major lay-offs at Twitter, which cut about half its staff, and other tech firms. “I know this is tough for everyone, and I’m especially sorry to those impacted,” Zuckerberg wrote in a statement.

“Many people predicted this would be a permanent acceleration. I did too, so I made the decision to significantly increase our investments.” Instead, Zuckerberg noted that “macroeconomic downturn” and “increased competition” caused the company’s revenue to be far lower than expected, adding that “I got this wrong, and I take responsibility for that.”

Zuckerberg said the company would focus on high-priority growth areas, like artificial intelligence, advertising, and “our long-term vision for the metaverse”. Meta will also cut costs elsewhere – including reducing its spending on buildings and offices and increasing desk-sharing.

Affected Meta employees will receive an email soon, he said and will have an opportunity to ask questions. US employees will receive redundancy payments worth 16 weeks’ pay plus a week for every year worked. 

Additional benefits will include continuing to provide family health insurance for six months. Support outside the US will be similar, but there will be a separate redundancy process to consider local employment laws.