Meta steps: Facebook, Instagram, WhatsApp to start cutting costs today: Everything you need to know | Tech Reddy

At the end of September, Chief Executive Officer (CEO) Mark Zuckerberg told employees that Meta plans to reduce expenses and reorganize teams. A freeze was confirmed by the Menlo Park, California-based business that also owns Instagram and WhatsApp. According to the CEO, Meta expects the figure to be lower in 2023 than in 2022.

To prepare managers for the layoffs, Zuckerberg spoke to them on November 8 and said that affected employees would begin receiving notifications on November 9, which according to the people, who wish to remain anonymous because they share sensitive information.

The Wall Street Journal reports that, during the executive’s call, Zuckerberg accepted responsibility for the business’ “mistakes.” A Meta spokesperson did not immediately respond to Bloomverg’s request for comment.

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The company, which has more than 87,000 employees as of September 30, says the cuts will affect 10% of its workforce, according to Insider. The cuts—part of the first major budget cuts since Facebook’s founding in 2004—reflect slowing digital advertising revenue, an economy on the brink of recession, and heavy investment by Zuckerberg to push virtual-reality called the metaverse.

The layoffs at Meta follow those at Twitter, which last week laid off nearly 50% of its workforce after being sold to Elon Musk. These practices are absurd, and many employees find themselves out of work when their access to Slack or email is suddenly shut down. Musk said that the measures are to prevent the diseases of the social network. Later, he asked some employees who had been fired to return.

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“Recently our revenue has fallen for the first time. So we have to fix it,” said Zuckerberg in September.

(With corporate entries)