Wall Street Journal: Mark Zuckerberg tells employees layoffs coming Wednesday | CNN Business

Meta declined to comment to CNN on the report, which said Zuckerberg told the executives at Facebook\n \n ’s parent company that he is accountable for the job cuts, after his over-optimism about growth had led to excessive hiring. Citing unnamed sources familiar with the matter, the Journal reported that the upcoming job cuts will likely impact many thousands of employees and mark the first broad headcount reductions in the company’s history.

Once boasting a market capitalization of more than $1 trillion last year, Meta is now valued at about $250 billion. Meanwhile, the company has also been spending billions on a future version of the internet dubbed the metaverse, which likely remains years away. Late last month, Meta posted its second quarterly revenue decline since going public and reported that its profit was less than half the amount it made during the same period in the prior year.

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