Wall Street Journal: Mark Zuckerberg tells employees layoffs coming Wednesday

Wall Street Journal: Mark Zuckerberg tells employees layoffs coming Wednesday

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Key Facts

  • CNN previewed the gaming platform in 2019 01:50 Now playing - Source: CNN CNN Business — Meta CEO Mark Zuckerberg told company executives that major layoffs at the tech giant will begin on Wednesday morning, the Wall Street Journal reported Tuesday afternoon.
  • Meta declined to comment to CNN on the report, which said Zuckerberg told the executives at Facebook (FB)’s parent company that he is accountable for the job cuts, after his over-optimism about growth had led to excessive hiring.
  • Meta had more than 87,000 employees as of September, per a Securities and Exchange Commission filing, representing a year-over-year increase of 28%, as it staffed-up during the pandemic while business boomed.
  • Amid a broader market downturn that has particularly pummeled the tech sector, shares for Meta have fallen more than 70% in 2022 alone.

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