Mark Zuckerberg says Meta plans to lay off 13% of its staff, or 11,000+ employees, and will cut discretionary spending and extend its hiring freeze through Q1
Mark Zuckerberg just shared the following with Meta employees: — Today I'm sharing some of the most difficult changes we've made in Meta's history.
Meta
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Discussion
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Gameranx
Ryan Parreno
on x
Meta Firing 11,000 Employees, Including Facebook and VR Arm Reality Labs
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@kenyafitdee
Ken Yafitdee
on x
Just got laid off by Meta along with my entire team. I was one of the lead engineers working on Meta Quest. I am at a complete loss for words right now. I truly believed in the VR/AR vision laid out by Mark. I still do. Not sure where this is headed...
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@juokaz
@juokaz
on x
Facebook, Stripe, Shopify and others did massive layoffs because “we thought the e-commerce surge early in the pandemic was a permanent shift. Oops!” If I was one of the let go employees I would be pissed. How could they misread the market so bad? https://twitter.com/...
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@naominixwrites
Naomi Nix
on x
New: @Meta plans to cut more than 11,000 jobs, or 13 percent of its workforce in an effort to reign in expenses and refocus remaining workers on its top priorities including its AI discovery engine + ads business https://www.washingtonpost.com/ ...
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@sarthakgh
Sar Haribhakti
on x
This is how you write the layoff memo Notice how many times Zuck says “I”. Completely owns the decision and acknowledges the misjudgment https://about.fb.com/...
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@alexvoica
@alexvoica
on x
Today is a difficult day for many of my former colleagues at @Meta. In my four years there, I had the opportunity to work with some of the most talented people in the tech industry and I'm sad that so many of them will lose their jobs. [1/6] 🧵👇
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@willoremus
Will Oremus
on x
@NaomiNixWrites There's no such thing as a “nice” layoff but worth noting Zuck addressed his staff directly, took responsibility, offered 16+ weeks' severance, immigration help, & a chance to speak w/ someone directly. Twitter's layoff memo was unsigned and offered close to the l…
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@shiraovide
Shira Ovide
on x
Facebook annual revenue and employee count, end of 2019 vs Sept 2022: $70.7 billion to $118 billion, +67% 45,000 to 87,314, +94% Is Facebook's business bad or did it get overly excited about the 2020/2021 pandemic-related surge in usage & revenue? They're not the only one.
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@shiraovide
Shira Ovide
on x
I also wonder if Meta needs a 2015-era Ruth Porat figure to calm the waters and send the message that WE GOT THIS. (Counterpoint: Maybe they don't got this.) Anyway, 2023 is going to be INTERESTING for Meta.
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@willoremus
Will Oremus
on x
Facebook is laying off more workers than Twitter ever had. The tech recession is real. https://www.washingtonpost.com/ ... by @NaomiNixWrites
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@mcappetta
Michael Cappetta
on x
Today, I was laid off by @Meta. I'm so grateful to have worked with incredible colleagues, who have become great friends. While the future is uncertain, I'm excited to reconnect with old friends, and take some personal time. I'm #opentowork and welcome leads in #tech #media
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@andruyeung
Andrew Yeung
on x
Today was a devastating day for 11,000+ employees at Meta. Colleagues & friends who were impacted, please know that we're here for you and will help you get through this. If I can help with an intro, resume review or interview prep, please reach out. My network is yours.
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@shitmgmtsays
@shitmgmtsays
on x
Eleven THOUSAND. Zuck “takes accountability” by writing this note, but what does that even mean to a laid off employee https://twitter.com/...
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@wolfejosh
Josh Wolfe
on x
3/ Meta 11,000 fired. Stock up 6% market wants and will get more from others... https://twitter.com/...
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@naijaflyingdr
@naijaflyingdr
on x
Zuckerberg owned the problem and took responsibility. https://twitter.com/...
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@chigrl
Tracy
on x
🤔 No mention of the metaverse cash burn “Zuckerberg said revenue growth experienced during the pandemic had not been sustained, ad performance was down and ecommerce had declined” https://twitter.com/...
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@gergelyorosz
Gergely Orosz
on x
Meta's stock is at a 7-year low and it will only go up if profits go up. Revenue will not be up, so the only way to increases profits is to cut costs (incl employees). If Zuck didn't do this, investors could launch more actions. Also, employees would leave thanks to comp drop.
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@gergelyorosz
Gergely Orosz
on x
If Meta was a private company - take how eg IKEA is - then none of this would matter. They could keep operating with lower profits, no investor pressure, and employees don't have stock. But they're a public company. Stock matters. Investor returns matter. And this forces cuts.
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@shiraovide
Shira Ovide
on x
Yes, revenue growth reversed and cash flow margins cratered (but are still good!) I wonder if the core advertising business is going through a temporary lull after the pandemic, Apple privacy changes, etc., or if Meta knows 2022 struggles are lasting. https://twitter.com/...
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@sarthakgh
Sar Haribhakti
on x
This is a perfectly articulated memo Notice how many times Zuck says “I”. Completely owns the decision and acknowledges the misjudgment. This up there with Stripe and Airbnb. Unfortunate outcome for the people but this is great communication https://about.fb.com/...
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@gergelyorosz
Gergely Orosz
on x
Meta announced it's letting go 13% of staff. I'm sorry for those impacted. It's worth reflecting on why even founder CEOs like Zuck are in a tight spot at public companies. Some shareholders wanted more cuts (20%). Employees' are making less $$. No revenue growth in sight. https:…
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@robtornoe
Rob Tornoe
on x
Facebook is laying off 11k workers. In the third quarter, their PROFITS were $4.4 billion. https://twitter.com/...
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@robtornoe
Rob Tornoe
on x
Yes, Meta's revenue and profits have declined, and the company posted its first year-over-year revenue drop in 2022 since going public in 2012. But we're taking about 11k workers losing their jobs because their company has only profited $18.6 billion dollars so far this year.
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@gergelyorosz
Gergely Orosz
on x
Understanding how corporations work is *essential*. Take Meta. Zuck announced laying off 13% of staff. Commenters are calling on this thread for him to resign. Do you know what shareholders want? For him to stay and to fire 20% of staff, stop innovating and make them more money. …
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@jeffhorwitz
Jeff Horwitz
on x
Meta layoffs will happen in the morning. On a call with a large team of execs, Zuckerberg said he had been overoptimistic and is “accountable” for the need for the cuts. https://www.wsj.com/...
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@gergelyorosz
Gergely Orosz
on x
Scoop: at Meta, the calendars for directors is filled all day tomorrow (Wednesday) with slots for layoff conversations. Engineering expected to be hit at around 10%. Those who got “needs support” in latest or previous perf review are likely to be the ones let go. https://twitter.…
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@jason_kint
Jason Kint
on x
Facebook is burying the reasons in PR mumbo jumbo. “Signal loss” means “privacy laws and tech” hurting its surveillance advertising which is 97% of its revenues. 1/2 https://twitter.com/... https://twitter.com/...
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@grogsgamut
Greg Jericho
on x
But Meta has legs!! How could it not be amazing?? https://twitter.com/...
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@thetranscript_
@thetranscript_
on x
$META laying off 11k workers or 13% of workforce: CEO Zuck: “This is a sad moment & there's no way around that. I got this wrong and I take responsibility for that. I want to take accountability for these decisions and for how we got here” Headcount was 87,314 as of Sept 30. http…
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@newley
Newley Purnell
on x
“This is a sad moment, and there's no way around that,” Mr. Zuckerberg wrote, adding that he had been wrong in assuming that an increase in online activity during the pandemic would continue. “I got this wrong and I take responsibility for that.” Story with @samschech: https://tw…
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@sarthakgh
Sar Haribhakti
on x
Meta hired 27K employees during the two pandemic years and 15K more this year So it's headcount is barely back to what it was in January Wild! https://twitter.com/...
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@cokedupoptions
John W. Rich
on x
Mark Zuckerberg: “if you lose your job in the Metaverse, you lose your job in real life”
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@sarafischer
Sara Fischer
on x
Zuckerberg said he wanted to take accountability for how the company got to this point. He assumed COVID-driven trends, like the acceleration of e-commerce, would live on past the pandemic, but conceded that he was wrong. https://twitter.com/...
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@cristinacriddle
Cristina Criddle
on x
Access to Meta systems has already been revoked for some laid-off staff, apart from access to emails so they can say their goodbyes
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@alexbarinka
Alex Barinka
on x
What a time for Zuckerberg to say he was wrong about the latest shift. He's currently selling a decade-long bet that people will spend more time in virtual reality and using ~1 of every $10 Meta makes to build it (tbd on whether this impacts that number) https://twitter.com/...
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@kantrowitz
Alex Kantrowitz
on x
An incredible miscalculation https://about.fb.com/... https://twitter.com/...
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@sarafischer
Sara Fischer
on x
Zuckerberg said the company will remove access to most Meta systems for people leaving today “given the amount of access to sensitive information,” but will keep email addresses active throughout the day “so everyone can say farewell.” https://twitter.com/...