Facebook: 11,000 employees fired by Meta, ban on new hiring

Facebook Meta Layoffs: Facebook’s parent company Meta Platform has fired 11,000 employees in one stroke. The company said that it is laying off 13 per cent of its workforce, or 11,000 employees, due to poor financial results, rising expenses and a weak advertising market. This is the biggest layoff by a tech company in the year 2022. Meta has said that the company will not do any hiring of new employees in the coming days.

Mark Zuberberg, CEO of Meta said in a statement issued, I take responsibility for the decision we reached today. I know this is difficult for everyone. I want to apologize to those who have been affected by this.

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In 2004, for the first time in the 18-year history of Facebook’s founding, such a huge layoff has been done, pointing to a sharp drop in revenue from digital advertising. Last week, Twitter also laid off people on a large scale. Twitter has cut its workforce by almost 50% after Elon Musk bought the company.

Due to skyrocketing inflation and rapidly rising interest rates, clouds of crisis are hovering over the US economy and the possibility of recession is being expressed. Questions are now being raised about the increasing valuation of tech companies during the Kovid epidemic. The stock of Meta has fallen by two-thirds percent. Mark Zuckerberg warned employees in late September that Meta intended to cut costs and restructure teams.

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