Mark Zuckerberg, the CEO of Meta Platforms Inc, said he was accountable for missteps at the social media giant as the company announced the mass firing of thousands of employees on Wednesday.
What Happened: Zuckerberg interacted with hundreds of Meta employees on Tuesday and was downcast, the company disclosed in a SEC filing. Follow benzinga
Meta is laying off more than 11,000 employees, about 13% of its workforce, the CEO said in his letter.
“At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended,” he said.
“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 he was accountable for Meta's missteps and his over-optimism surrounding growth had led to overstaffing. “I got this wrong, and I take responsibility for that...
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