Meta, the parent company of Facebook which is owned by American business magnate Mark Zuckerberg is letting go of 11,000 workers – translating to around one eighth of staff – after revenues plummeted, leaving the company “inefficient” and overstaffed.
The news comes to light through a note sent to staff by Mr Zuckerberg, co-founder, chairman and CEO at Meta, and marks the first round of redundancies in the company’s history. This after the company’s workforce peaked earlier this year at 87,314 workers.
Mr Zuckerberg reportedly told staff that the firm overinvested at the start of the pandemic, on the assumption that online activity would continue at an accelerated pace after COVID died down.
“Unfortunately, this did not play out the way I expected…Not only has online commerce returned to prior trends but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong and I take responsibility for that,” he said.
This comes just a week after widespread redundancies at social media competitor Twitter, under its new billionaire owner, Elon Musk. Last week, Twitter let go of around 7,500 staff as the company’s share value dropped.
Ryanair cuts Malta link to Serbia’s Niš
The low-cost airline is slashing some major routes in Germany, Spain, Belgium, Portugal and Malta
Event tourism is the standout travel trend for 2026 – How will Malta fare?
The global tourism market is booming, and events are leading the way
EU Parliament agrees on common system to calculate corporations’ taxable income
The reform is designed to replace today’s patchwork of national tax rule