Meta lays off 11,000+ workers

META BECOMES THE LATEST TECH GIANT TO ANNOUNCE LAYOFFS Hopefully, those affected will quickly get new jobs, which given the shortage of tech staff in the West, I suspect most will do. The situation has provoked some questions around the causes, particularly the heavy investment into the Metaverse Have Meta gambled too much on the Metaverse taking off? When people globally have had to endure the social isolation that came with enforced Covid-lockdowns Did Mark Zuckerberg misjudge how much people value in-person socialisation? Rather than living their lives in a 'Matrix world' Or is the Metaverse something that will inevitably take off? The timing of the investment into the Metaverse has coincided with a number of other factors Like advertising revenues drop-offs and a few scandals & disputes Given the nature of the scandals surrounding Facebook data manipulation, algorithms promoting bad news and Meta knowing social media negatively impacts mental health but doing nothing about it Have people developed a deep mistrust of Meta and its products? Let me know your thoughts.

Former employees of Facebook's parent company Meta told Yahoo Finance reporter Alexandra Garfinkle they felt blindsided by restructuring amid the company's massive layoffs. Garfinkle gave further details on November 10, 2022. https://yhoo.it/3EphFvp #yahoofinance #finance #layoffs #meta #tech #jobs #MarkZuckerberg #facebook

Meta yesterday laid off more than 11,000 employees, or 13% of its workforce. Mark Zuckerberg said in a staff memo that the layoffs were a "last resort." Zuckerberg said that in addition to layoffs, the company was also cutting discretionary spending and extending its hiring freeze through the first quarter of 2023. Meta has reported falling revenues this year alongside massive losses from its VR and metaverse division. Zuckerberg said, however, that he believed Meta was "deeply underestimated as a company today. "We do historically important work. I'm confident that if we work efficiently, we'll come out of this downturn stronger and more resilient than ever." Read more via Business Insider in this article by Kali Hays, Grace Kay and myself.

Meta layoffs - perspective, an update, and a word of an encouragement. We all know the news. We may not understand the emotions. My LinkedIn feed is full of some of the most talented people I've worked with posting updates about being let go. Across various roles, teams, and levels too. A lot of change in the works and I'm sure that can be a scary place to be. To anyone working at Meta current/previous, I'm here for anything you need - to talk, a recommendation, whatever! Layoffs seem to be a sign of the times lately and that's unfortunate for a lot of people. There is hope, though. (More on that shortly) Although I wasn't involved in the most recent layoffs, I did want to share that 3 months ago I left Meta to explore other opportunities. 8+ years at a company that taught me incredible lessons about business, relationships, and the world around me. Having the last 3 months to focus on work that I truly enjoy and I'm passionate about has been life-changing. For people that are worried about what's on the other end of not knowing your next move, just know that there will be a place for you somewhere and this is temporary. Whether it's starting your own business, or another role at a company, you WILL get to that next place. I'm excited to see where these 11,000 employees land in the near future. These people will have an immensely positive impact on so many different industries. (I'm secretly hoping a large majority join the Web3 movement in some way) Richard Branson says "every success story is a tale of constant adaption, revision and change". I stand here today with anyone going through change, as I'm going through that myself, and we'll get through it together. #metalayoffs #perspective

Meta (Facebook) just cut 13% of its workforce, or more than 11,000 employees, marking the first major round of layoffs in the company’s history 🤯 It probably won't be the last one. Let's take a look. Meta hired more than 27,000 people during the two pandemic years and 15,000 more this year alone. Hence, its headcount is barely back to what it was 10 months ago. Wild! 😳 To get back to 2019 employee levels (before the monetary policy bubble & massive growth in remote work), the social media giant would have to lay off almost half the company. Given the current trends continue, it seems more like WHEN and not IF. But I honestly hope that I'm wrong here. Looking at the bigger picture, it’s now clear that the amount of overhiring the Big Tech companies have done in the last 2-3 years is just striking. To paraphrase Y Combinator’s Paul Graham, this is yet another proof that any organization with a large, protected income and/or too optimistic expectations will tend by default toward administrative bloat. It applies to governments, Harvard, Google, and obviously - Meta. Unless you take direct measures to avoid it, you'll overhire. Staying lean now is a strong competitive advantage as never before.

Facebook owner Meta Platforms Inc. has become the latest tech company to unveil mass layoffs this year, saying it would let go of 11,000 employees, or 13% of its workforce. The move comes at a time when the Mark Zuckerberg-led firm has been pouring money into its risky metaverse project despite a crumbling advertising market and decades-high inflation. Once worth more than a trillion dollars, Meta is now valued at $256 billion after losing more than 70% of its value this year alone. https://lnkd.in/gUtMNcBf with Nivedita Balu for Reuters

Another day, another major round of layoffs -- this time at Facebook's parent company Meta. The severance package is decent: Four months' pay for each of the 11,000 employees impacted, plus an extra week for each year served. While factors outside of Meta's control played a part in all this, including the economic downturn and Apple's App Tracking Transparency feature which has hit Facebook advertising revenue, attention should also be drawn to Meta's own business decisions including its continued investment in the metaverse. While some of these layoffs are from its metaverse unit known as Reality Labs, it seems Meta will still be going full-throttle on the metaverse for the foreseeable future. In a regulatory filing today, Meta said that it expected Reality Labs’ operating losses in 2023 to "grow significantly year-over-year." https://lnkd.in/gCCVW75f

Meta CEO Mark Zuckerberg announced that the company is laying off 11,000 employees, or about 13% of the workforce. The news comes after Meta bet the house on the metaverse, a long-term vision for a new digital world people will access through its Meta Quest virtual reality headsets. But, that vision has cost the company big bucks. Expenses increased 19% year over year in Q3 to $22.1 billion while sales declined 4%. And the bet on the metaverse has cost the company $9.4 billion so far this year. Shres are down almost 70% year-to-date. Zuckerberg shouldered some of the blame: “I want to take accountability for these decisions and for how we got here," he said. "I know this is tough for everyone, and I’m especially sorry to those impacted.” https://lnkd.in/eWVm6DGx

At least the new episodes of Love Is Blind are out today, am I right?! All joking aside, I was sadly a part of the large-scale layoffs at Meta. Waking up to that email was truly heartbreaking, I’ve gained so much this past year. It doesn’t feel as though I was done learning and growing with the company but alas my time has come to an end. I feel grateful to have been a part of Meta but even more so for my amazing team ♥️ each and every one of you are so incredibly unique and talented. It’s truly been a pleasure working alongside you. To my Metamates who find themselves in a similar position, I empathize with you. Let’s lean on each other. Feel free to reach out to me for anything - networking, a good cry or laugh, whatever you need! Needless to say, I am back on the market and appreciate any support in finding my next #Recruiting opportunity. Looking forward to what’s in store next. Onward & upward! #meta #metalayoffs #metanews #newbeginnings #recruitingjobs #opentowork