{"id":1731983,"date":"2022-11-09T11:47:44","date_gmt":"2022-11-09T16:47:44","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1731983"},"modified":"2022-11-09T11:47:45","modified_gmt":"2022-11-09T16:47:45","slug":"heads-roll-at-meta-as-zuckerberg-announces-massive-layoffs","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/heads-roll-at-meta-as-zuckerberg-announces-massive-layoffs\/","title":{"rendered":"Heads Roll At Meta As Zuckerberg Announces Massive Layoffs"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">18<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fheads-roll-at-meta-as-zuckerberg-announces-massive-layoffs%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=1731983&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><p><a href=\"http:\/\/dailywire.com\/topic\/meta\" target=\"_blank\" rel=\"noopener\">Meta<\/a> CEO <a href=\"http:\/\/dailywire.com\/topic\/mark-zuckerberg\" target=\"_blank\" rel=\"noopener\">Mark Zuckerberg<\/a> dismissed 13% of his company\u2019s workforce on Wednesday as revenues lag and costs increase.<\/p>\n<p>The social media firm\u2019s performance has worsened significantly over the past year as executives began pouring resources into developing the metaverse, an immersive virtual reality that Zuckerberg believes will serve as the next phase of digital communication. Beyond excessive funds devoted toward the project, analysts had criticized Zuckerberg for more than tripling payrolls from 25,000 people to 85,000 people over the past four years.<\/p>\n<p>In a <a href=\"https:\/\/about.fb.com\/news\/2022\/11\/mark-zuckerberg-layoff-message-to-employees\/\" target=\"_blank\" rel=\"noopener\">letter<\/a> to employees, Zuckerberg announced that he would lay off more than 11,000 staff members and extend the company\u2019s hiring freeze. \u201cIn this new environment, we need to become more capital efficient,\u201d he remarked. \u201cWe\u2019ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint. We\u2019re restructuring teams to increase our efficiency. But these measures alone won\u2019t bring our expenses in line with our revenue growth, so I\u2019ve also made the hard decision to let people go.\u201d<\/p>\n<p>Employees will receive 16 weeks of base pay, as well as two additional weeks for each year of service without limit and healthcare coverage for the next six months.<\/p>\n<p>Meta shares rose nearly 7% to reach $102.98 on Wednesday morning. The company\u2019s stock price has fallen 69.6% since the beginning of the year, significantly trailing the Dow Jones Industrial Average and the technology-heavy NASDAQ, which have dropped 10.1% and 33.8% over the same period, respectively.<\/p>\n<p>\u201cI view layoffs as a last resort, so we decided to rein in other sources of cost before letting teammates go. Overall, this will add up to a meaningful cultural shift in how we operate,\u201d Zuckerberg added. \u201cFor example, as we shrink our real estate footprint, we\u2019re transitioning to desk sharing for people who already spend most of their time outside the office. We\u2019ll roll out more cost-cutting changes like this in the coming months.\u201d<\/p>\n<p>Meta\u2019s most recent <a href=\"https:\/\/www.dailywire.com\/news\/meta-shares-fall-to-lowest-level-since-2016-as-company-burns-billions-on-metaverse-inflates-payrolls\" target=\"_blank\" rel=\"noopener\">earnings report<\/a> shows that revenues fell year-over-year from $29.0 billion to $27.7 billion, indicating a 4% decline, even as costs and expenses increased 19%, from $18.6 billion to $22.1 billion. Net income more than halved while earnings per share plummeted from $3.22 to $1.64.<\/p>\n<p>Although macroeconomic headwinds have impacted most industries, the technology sector has witnessed the most pronounced stock market selloffs. Zuckerberg\u2019s announcement comes one week after Stripe and Lyft dismissed <a href=\"https:\/\/www.dailywire.com\/news\/two-more-tech-companies-fire-large-portions-of-their-staff\" target=\"_blank\" rel=\"noopener\">similar portions<\/a> of their headcounts, which occurred as Amazon instituted a freeze on incremental hires in its corporate workforce. Elon Musk, who recently took control of the social media platform Twitter, <a href=\"https:\/\/www.dailywire.com\/news\/read-it-elon-musk-sends-blunt-message-to-3700-fired-twitter-employees\" target=\"_blank\" rel=\"noopener\">laid off<\/a> half of the company\u2019s employees.<\/p>\n<p>Zuckerberg had <a href=\"https:\/\/www.dailywire.com\/news\/meta-shares-fall-to-lowest-level-since-2016-as-company-burns-billions-on-metaverse-inflates-payrolls\" target=\"_blank\" rel=\"noopener\">faced pressure<\/a> from investors, including Altimeter Capital Management CEO Brad Gerstner, to deal with bloated payrolls. Gerstner also suggested reducing spending on the metaverse, although Zuckerberg did not mention a broader pivot away from the initiative, which prompted his company to change its name from Facebook last year.<\/p>\n<p>\u201cIt is a poorly kept secret in Silicon Valley that companies ranging from Google to Meta to Twitter to Uber could achieve similar levels of revenue with far fewer people,\u201d the investor said. \u201cI would take it a step further and argue that these incredible companies would run even better and more efficiently without the layers and lethargy that comes with this extreme rate of employee expansion.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Meta CEO Mark Zuckerberg dismissed 13% of his company\u2019s workforce on Wednesday as revenues lag and costs increase. The social media firm\u2019s performance has worsened significantly over the past year as executives began pouring resources into developing the metaverse, an immersive virtual reality that Zuckerberg believes will serve as the next phase of digital communication. &#8230;<\/p>\n","protected":false},"author":99,"featured_media":824375,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[541],"tags":[],"class_list":["post-1731983","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-daily-wire"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1731983","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=1731983"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/1731983\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/824375"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=1731983"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=1731983"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=1731983"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}