Illustration by Alex Castro / The Verge
Meta has announced it will lay off 11,000 employees or around 13 percent of the company’s total staff. CEO Mark Zuckerberg announced this news in a blog post, saying he was at fault for being overoptimistic about the company’s future growth based on a pandemic surge.
“At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth,” said Zuckerberg. “Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected.”
Zuckerberg said the company would shift more resources on “a smaller number of high priority…