Facebook CEO Mark Zuckerberg testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives on March 25, 2021.Mark Zuckerberg has announced that Meta will be laying off 11,000 of its employees -- an estimated 13% of its workforce -- and will also be taking "a number of additional steps to become a leaner and more efficient company."
Zuckerberg said that Meta will now be shifting their resources to a "smaller number of high priority growth areas" -- which includes Meta's AI discovery engine, its advertisements and business platforms and Zuckerberg's much-discussed long-term vision for the development of the Metaverse. The stock has been battered this year, trading below $100 a share this week, down more than 70% from its January high of $353.83 per share.
Meta removed access to most of their internal systems for people who were laid off on Wednesday but will keep email addresses active and functioning through Wednesday "so everyone can say farewell." In addition, an Apple iOS privacy update last year, which limits the capability of advertisers to target users, has continued to weigh on ad sales at the heart of Meta's business.
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