Meta founder Mark Zuckerberg announces plans to cut 11,000 jobs from tech giant

[itsnotoutthere]

Meta, the parent company of Facebook, Instagram and WhatsApp, has confirmed it plans to cut more than 11,000 jobs globally as part of a major restructuring of the tech giant.

The cuts will reduce the size of the company’s workforce by about 13%.

Meta founder and chief executive Mark Zuckerberg said the cuts were "some of the most difficult changes we’ve made in Meta’s history".

https://www.itv.com/news/2022-11-09/meta-founder-mark-zuckerberg-announces-plans-to-cut-11000-jobs-from-tech-giant

This was announced on the 9th of this month!  Can't remember everyone getting their knickers in a twist over this like they did with Elon.

[Buzz_Light_Year]

Hopefully it's because advertisers are deserting them.

[Tatetopa]

2 hours ago, itsnotoutthere said:

This was announced on the 9th of this month!  Can't remember everyone getting their knickers in a twist over this like they did with Elon.

Maybe because Meta is not nearly as relevant as Twitter?  Or maybe laying off 13% of your employees does not have the same impact on a company as laying off 50+%?  Or is it just that all the liberals are picking on Elon and Mark is protected by the grey lizardmen?

[Rolltide]

https://www.investopedia.com/tech-layoffs-continue-at-hp-google-and-others-as-recession-nears-6832317

Big Tech is bracing for a tough road ahead as HP Inc. said it will axe 10% of its staff, Dell warned that sales are sliding, and Google prepares to designate 10,000 employees as low-performing, a potential prelude to mass staff reductions.

[+DieChecker]

11,000 is a lot of people. Intel is still planning on laying off people, but not in the development wings, just the production side. And probably not even close to the 20% the news suggested. Probably closer to 8-10%.

Its to cut overhead. Zuckerburg said that he hired too many too fast, just like Twitter did. Though cutting 50% of Twitter was too harsh IMHO.

Also saw a article saying how despite there being jobs available, that few of the tech layoff people seem to be taking them. And I was like, DUH, these guys are on Unemployment for now. Free Money. Don't blame them. Take a break. Collect that free money. You paid into the system and so should get that money back, yeah?

[+DieChecker]

25 minutes ago, Rolltide said:

https://www.investopedia.com/tech-layoffs-continue-at-hp-google-and-others-as-recession-nears-6832317

Big Tech is bracing for a tough road ahead as HP Inc. said it will axe 10% of its staff, Dell warned that sales are sliding, and Google prepares to designate 10,000 employees as low-performing, a potential prelude to mass staff reductions.

I'm not sure why this is such a surprise to all these CEOs. The pandemic forced people to stay home, or work from home, or do school from home. and so there was a big uptick in Tech Sales, and online usage. For some reason these people (including my employer Intel) thought that this would be a long term trend and invested in additional people and built up production in response. But now things are much more like before, and everyone already has a new printer/laptop/software, and won't need more for a couple years. 

Which i do think Intel building new fabs will be a Plus, as when they come online, in a year or two, the demand will be back up.

Going to be a tough slog for the next year or so though.

[Scholar4Truth]

I get the feeling Metaverse is going down in flames. 

[Occupational Hubris]

3 hours ago, Scholar4Truth said:

I get the feeling Metaverse is going down in flames. 

That was always its destiny

[+DieChecker]

3 hours ago, Scholar4Truth said:

I get the feeling Metaverse is going down in flames. 

What? I mean sure... They spent 36 BILLION Dollars and have basically only a knock off 3D cell phone game... But... Just give them another 50 billion and I'm sure they'll have something a handful of people will use. 

(Sarcasm)

[jmccr8]

Betta Twitter someone who cares never used either of them