Meta and Salesforce have announced new rounds of mass-layoffs as the tech industry continues to struggle with averse market conditions.
Meta CEO Mark Zuckerberg has told hundreds of executives that the social media giant will begin to fire employees on Wednesday, The Wall Street Journal reported.
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The Zuck reportedly appeared downcast and blamed himself for the cuts. The Meta founder said he was accountable for the company’s missteps, saying that his overoptimism about the tech titan’s growth had led to overstaffing.
He reportedly especially mentioned the recruiting and business teams as those facing layoffs. The cuts are expected to total many thousand of employees. Employees being fired will be provided with at least four months of salary as severance.
At roughly the same time as Meta broke the news about the planned cuts, software behemoth Salesforce made mass-layoffs of its own.
While Salesforce confirmed that the numbers of sacked staff were in the hundreds, it said that fewer than 1,000 employees would be affected, TechCrunch reported.
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By GlobalDataThe news about Meta and Salesforce kicking off new rounds of mass-layoffs has added to the onslaught of job cuts affecting the tech industry.
Last week, as one of his first actions as Chief Twit, Elon Musk brutally fired hundreds of Twitter staff members. However, just days after he fired roughly fired half of the social media company’s employees, Musk begun to ask some of the sacked team members to come back to Twitter.
Similarly to Zuckerberg, Twitter founder Jack Dorsey has blamed himself for the mass-layoffs, tweeting that he “grew the company size too quickly.”
Computer giant Microsoft also laid off under 1,000 employees in October, representing less than 1% of the company’s 221,000-strong global workforce.
Elsewhere, fintech firms like digital lender Chime, buy-now-pay-later giant Klarna and stock-trading app Robinhood have also announced massive layoffs.
Several of the companies to have announced mass-layoffs have motivated the cuts by saying the harsh market conditions sweeping across the world due to Russia’s war in Ukraine, supply chain issues caused by the pandemic and hiking price rates have made it challenging for them to retain staff.
The market conditions have not only motivated job cuts across the board, but have also made it more challenging for tech startups to raise new funding this year.
GlobalData is the parent company of Verdict and its sister publications.
