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Mark Zuckerberg, the CEO of Meta Platforms Inc META, reportedly said he was accountable for missteps at the social media giant as mass firings await thousands of employees on Wednesday.
What Happened: Zuckerberg interacted with hundreds of Meta employees on Tuesday and was reportedly downcast. The CEO said he was accountable for Meta’s missteps and his over-optimism surrounding growth had led to overstaffing, reported The Wall Street Journal.
Zuckerberg reportedly said the company’s recruiting and business teams were among those that faced the massive layoffs.
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Why It Matters: An announcement of Meta’s layoff plans is expected around 6 a.m. EST on Wednesday with employees receiving the information through the morning, noted the Journal.
The coming cuts are expected to affect many thousands of employees and would likely be the largest in 2022 for the tech sector, according to the report.
After the staff meeting, Meta’s directors in various sections reportedly began notifying subordinates of cuts and reorganizations.
Meta has more than 87,000 employees as of end-September. The company previously declined comment on the coming cuts and referred to a Zuckerberg statement where he said the company expects to end 2023 as “either roughly the same size or even a slightly smaller organization than we are today.”
Price Action: On Tuesday, Meta platforms shares rose 0.35% higher at $96.81 in extended trading after closing 0.3% lower at $96.47 in the regular session, according to Benzinga Pro data.
Read Next: Elon Musk’s First Tweet After Twitter Layoffs: ‘No Choice When Company Is Losing’
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Image and article originally from www.benzinga.com. Read the original article here.