iWorld

Meta lays off 11,000 employees which equals 13% of its workforce

Altimeter Capital wrote to Mark Zuckerberg highlighting the need to cut costs of the company.

https://www.indiantelevision.com/sites/default/files/styles/smartcrop_800x800/public/images/tv-images/2022/11/10/meta.jpg?itok=HjiLi3P-

Mumbai: Meta CEO Mark Zuckerberg has sacked about 11,000 employees, which is about 13 per cent of the company’s workforce.

As per media reports, in an official statement, Zuckerberg said, "Today I'm sharing some of the most difficult changes we've made in Meta's history. I've decided to reduce the size of our team by about 13 per cent and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1."

This is considered to be one of the largest layoffs in the US this year. As of September, Meta employed over 87,000 people across the globe.

As stated in media reports, Zuckerberg informed employees on Tuesday about the job cuts. The social media company is looking at slashing costs after its feeble Q3 performance and due to the rise in the overall costs of the firm by a fifth in the previous quarter.

He added, "I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I'm especially sorry to those impacted."

This mass firing comes some weeks after one of Meta's largest shareholders, Altimeter Capital, wrote to Zuckerberg highlighting the need to cut costs at the company.

In an open letter, Altimeter Capital founder & CEO Brad Gerstner mentioned, "Meta has drifted into the land of excess—too many people, too many ideas, too little urgency. This lack of focus and fitness is obscured when growth is easy, but deadly when growth slows and technology changes."

He had suggested that Meta would have to cut jobs and reduce capital expenditure to stay on track. This comes at a time when the social media firm is struggling with the current economic slowdown.

The social media company, Twitter, under the new reign of Elon Musk, laid off a hefty number of employees across its offices. Biggies like Amazon, Google, and Microsoft have also announced a freeze in hiring.

Latest Reads

https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2023/02/01/mx-players-abhishek-joshi.jpg?itok=_0S_xv2Y
MX Player’s Abhishek Joshi quits

MX Player SVoD (subscription business) & business partnerships SVP & business head Abhishek Joshi has reportedly resigned.

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2023/01/31/trai22.jpg?itok=8a0TOGST
Trai seeks comments on its consultation paper on regulating converged digital technologies and services

Mumbai: The Telecom Regulatory Authority of India (Trai) on Tuesday issued the consultation paper on "regulating converged digital technologies and services -enabling the convergence of carriage of broadcasting and telecommunication services." Over the period of time, various technological...

iWorld Telecom
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2023/01/31/karan_taurani.jpg?itok=19Iz_iE-
Potential of WPL to garner a scalable viewership is an uphill task: Elara Capital

Mumbai: The BCCI has raked in Rs 4,669.99 crore from franchise bidders for the Women’s Premier League. Adani Sportsline forked out the most amount at Rs 1,289 crore. Three of the winning bidders also own IPL franchises - Royal Challengers Sports (owners of Royal Challengers Bangalore), JSW GMR...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2023/01/31/unsorted.jpg?itok=0JbJuy2l
Natak Pictures brings new web series ‘UNSORTED’ on Disney+Hotstar

Mumbai: Natak Pictures explores the emotional conflicts faced by today’s modern generation that constantly juggles between personal and professional life, with the release of its web show UNSORTED. The leading film studio premiered the web show on Disney+Hotstar on 27 January 2023 and is receiving...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2023/01/31/dimpy_khera_0.jpg?itok=GStxmT2Q
Playflix to showcase Korean shown in regional languages

Mumbai: One Take Media Co’s OTT platform Playflix is on a roll, bringing blockbuster Korean shows back-to-back. OTMC’s Playflix app is now taking it a step further with regionalising its K-dramas. Playflix will now extend Korean dramas dubbed in Hindi, Tamil, Telugu and Kannada.

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2023/01/31/40.jpg?itok=IQVzHgJX
Black White Orange appointed as exclusive licensing agent for Netflix India and South Asia

Mumbai: Black White Orange, one of India’s brand licensing & consulting agencies, has been chosen as Netflix’s exclusive licensing and merchandising agent in India and South Asia. Under the agreement, Black White Orange will manage brand consulting & licensing for Netflix’s expansive show...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2023/01/31/38.jpg?itok=cAUyVLQZ
"One key factor that still prevents the sector's progress is a lack of adequate regulation"

Mumbai: Asian Esports fantasy platform FanClash provides a forum for the fans to not just enjoy the game as a viewer but also empowers them to monetise their knowledge of esports. Users can create their fantasy teams from every tournament and earn rewards based on the real-life performance of the...

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2023/01/30/rajiv-bakshi.jpg?itok=F0uUa3zj
ZEE5 launched fifth edition of its knowledge series ‘ZEE5 Intelligence Monitor’

ZEE5, India’s homegrown video streaming platform and multilingual storyteller for entertainment seekers, launched the fifth edition of its knowledge series, ZEE5 Intelligence Monitor, deep diving into the trends and consumption patterns of digital payments.

iWorld Over The Top Services
https://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2023/01/30/sfa-kiyg.jpg?itok=ERVztdyb
Sports For All joins Khelo India as powered by sponsor to empower India’s next sports icons

Mumbai: Sports For All (SFA), which is a multi-sport tech driven competition organiser, will aim to bolster the Khelo India Youth Games (KIYG) mission by reviving the sports culture at the grass-root level. It is a sponsor of the event for the next five years. SFA is focused on developing youth...

iWorld Over The Top Services