Meta may start mass layoffs today; Mark Zuckerberg takes the blame

The tech industry is going through a crisis right now. Twitter just laid off thousands — nearly 50 per cent of its staff in a recent layoff — and blamed falling revenue for it. Mark Zuckerberg, CEO of Meta, is ready to fire some of his employees. Zuckerberg did not confirm the number of employees he plans to lay off, but he did hint that the layoffs would begin soon. Reports suggest that layoffs at Meta will begin today.

As the Wall Street Journal reported, Meta Platforms will begin laying off some of its employees starting Wednesday. Meta Platforms CEO Zuckerberg reportedly disclosed layoff plans to hundreds of executives on Tuesday during an internal meeting. It is also said that during the meeting, Zuckerberg took full blame and said he is responsible for the company's mistakes. He further added that his over-optimism about growth led to overstaffing.

While the company has not confirmed the number of employees it plans to lay off, a report last week indicated that Meta would ask thousands of employees to leave the company. According to The Washington Post, Meta's job cuts could be relatively smaller in percentage terms than Twitter's job cuts. Still, the number of employees expected to lose jobs could be "the largest to date at a major US corporation." technology in a year that has seen a technology-industry shrink". Currently, the Meta Platforms together have around 87,000 employees.

A Meta spokesman recently said that going forward, the company will focus on "investing in a small number of high-priority growth areas." Meanwhile, top managers reportedly told employees to cancel non-essential travel starting this week.

In August, when the company reported falling revenue for two consecutive financial quarters, Zuckerberg told employees at a meeting that there was "a group of people in the company who shouldn't be here."