Facebook becomes latest Big Tech company to slash staff
WND News Center
Facebook’s Mark Zuckerberg, in an early morning email delivered even as many of the Democrats supporting Joe Biden’s devastating economic policies were returned to office by voters in the 2022 midterms, told the 11,000 employees whose jobs he slashed that he’s sorry.
It is the first time in the history of the company that now is known as Meta that it has made a major layoff, and it becomes just the latest of the Big Tech list to have taken such drastic action as America’s economy has been disrupted in major ways by the 8% and 9% inflation reports and sky-high interest rates under Biden’s policies.
Other companies that have announced firings have included Twitter and Microsoft.
“I got this wrong, I apologize,” Zuckerberg said, noting that the company has lost two-thirds of its value.
The Daily Mail reported the cuts included about 13% of the company’s workforce.
He had told executives in a meeting just before the email went out that recruiting and business teams will face major cutbacks.
Actually, Meta’s share price has tumbled 71.5% since the beginning of the year and its “Metaverse” project has dropped billions.
It also was only two years ago at this point when Facebook, by Zuckerberg’s own admission, responded to the FBI’s request to suppress “Russian disinformation” actually tried to hide from Americans accurate reporting about the Biden family’s international business dealings, a move that analysts have concluded actually changed the result of the 2020 election from President Trump and gave the victory to Joe Biden.
Zuckerberg admitted that’s what he did when the politicized FBI, whose members earlier had openly promised they would stop Trump from becoming president in 2016, came to his team prior to the new election and wanted the then-Democrat candidate for president protected from having the information revealed.
Now, in his message, Zuckerberg said, “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected.”
The Daily Mail attributed much of Facebook’s troubles to “decades-high inflation and rapidly rising interest rates.”
The company said fired employees would get 16 weeks of base pay plus two weeks for every year of service.
Zuckerberg’s own net worth appears to have lost $88 billion as his company freefall developed in the economy under Biden, whose election Zuckerberg also helped by handing out some $400 million through foundations to local election officials in the 2020 presidential battle.
They often used it to recruit voters from heavily Democrat districts.
Zuckerberg also promised, “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.”
He said he thought the move by people to go online for shopping and other activities during the COVID-19 pandemic would simply continue.
He took “responsibility” for getting that “wrong.”
He has repeatedly promoted his “Metaverse” as a virtual environment where people can work and play for most of their 24 hours without leaving home, but it never has reached the goals he set for users.
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