#MetaLayoffs
Meta laid off 11,000 employees (13% of workforce) as metaverse bet faltered.
Origin & Impact
On November 9, 2022, Meta announced its first major layoffs: 11,000 jobs cut. CEO Mark Zuckerberg admitted he’d over-hired during pandemic boom and misjudged market. The hashtag shared layoff stories, severance details, and criticism of Zuckerberg’s metaverse obsession draining resources.
Meta’s stock had fallen 70% in 2022 as Reality Labs lost billions. The layoffs marked end of Big Tech’s unlimited-growth assumption and beginning of “efficiency” era. Former employees posted about suddenly losing access and visa concerns.
Related Hashtags
#Meta #TechLayoffs #Zuckerberg