Mark Zuckerberg has sent an open letter to employees in which he has said that Meta Corporation will lay off more than 11,000 people (13% of the state) as part of a reorganization of its structure.
In it, he has stated that he was responsible for the company’s mistakes, and it was his “over-optimism about growth” that led to the bloat of the staff.
He has added:
“After the pandemic, the macroeconomic downturn, increased competition and reduced advertising have resulted in our revenues being much lower than I expected.”
He has said that the restructuring of teams will reduce costs and improve the efficiency of the corporation.