Facebook parent company, Meta sacks 11,000 staff as job cuts in Silicon Valley grow

Facebook’s parent company, Meta, has sacked 11,000 staff in a significant cull in the organization’s history.

The Meta boss, Mark Zuckerberg, confirmed the development in a statement on Wednesday.

The development followed new Twitter owner, Elon Musk’s decision to fire about 4,000 staff from the micro-blogging platform last week.

Zuckerberg said: “We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”

Read also:Mark Zuckerberg joins Elon Musk on sacking spree to save Facebook’s revenue

The Meta boss said he had overestimated the online boom at the beginning of the COVID-19 pandemic and therefore had increased investments.

He added: “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.”

By Promise Eze

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