Meta, the parent company of Facebook, announced in November of 2022 that they would be laying off 11,000 employees.
After 3 consecutive quarters of falling profits, Meta has planned to lay off an additional 10,000 employees. What's more, the company will no longer be filling the 5,000 open positions that they previously offered.
“This will be tough and there’s no way around that,” said CEO Mark Zuckerberg.
Meta suffered record losses partly after Apple's IOS14.5 update which would prevent advertisers from ascertaining data about consumers that were obtained from Facebook's advertising platform, effectively dealing serious damage to targeted ads.
Many advertisers started heading over to the Chinese Government's TikTok (meta's rival social media company) since the changes in late 2021.
With global economic uncertainty, rising inflation, and the threat of a financial collapse that would particularly affect the tech industry the company had planned to make massive changes to staffing.
“As I’ve talked about efficiency this year, I’ve said that part of our work will involve removing jobs -- and that will be in service of both building a leaner, more technical company and improving our business performance to enable our long-term vision,” said Zuckerberg.
Many fast-growing start-up companies, including those in the technology sector, are burrowing in for what may be an extended period of economic turmoil.
“At this point, I think we should prepare ourselves for the possibility that this new economic reality will continue for many years,” Zuckerberg said in a message to employees.
Check out the shirts that Facebook and Google had banned from their ad platforms here.
