Facebook owner Meta is cutting 11,000 jobs

Mark Zuckerberg’s Meta is cutting 11,000 jobs, more than one in eight staff, after a disastrous collapse in revenue has left the company behind Facebook overstaffed and “inefficient”, the chief executive said in a note to staff.

They could notice all was not well in advance because the company said those losing their jobs would be excluded from most of its systems today due to concerns about access to sensitive information.

Those affected in the US would get at least 16 weeks salary as compensation, plus a further two weeks' wages for every year served.

It's the second round of big tech lay-offs in a week - but the tone of Meta's statement was very different to Elon Musk's bullish defence of his decision to cut half of Twitter's workforce on Friday.

While Mr Musk took to Twitter to say the firm had no choice because it was losing millions of dollars every day, Mark Zuckerberg's statement was very contrite. He took responsibility, he said, and he was sorry.

Despite widespread criticism of Zuckerberg for the scale of his investment on the company’s virtual reality project, which has resulted in more than $10bn (£8.7bn) being spent on research and development each quarter, he insisted in the note that the pivot remained a “high-priority growth area”, alongside the company’s TikTok-style “AI discovery engine” and its ads and business platforms.

Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, said: "'Mark Zuckerberg's 'mea culpa' statement is unlikely to do the trick of reassuring investors, instead they may be further rattled by his admission he over-estimated the company's prospects.

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