Facebook parent company Meta laying off 11,000 employees, Zuckerberg announces; 3 offices closing

Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.

The office closing in Austin is half a million square-feet of office space, the equivalent to half of Salesforce Tower. The lease in New York is expiring and Meta is not renewing, according to CushmanThe move comes just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk.

Meta, like other social media companies, enjoyed a financial boost during the pandemic lockdown era because more people stayed home and scrolled on their phones and computers. But as the lockdowns ended and people started going outside again, revenue growth began to falter.An economic slowdown and a grim outlook for online advertising -- by far Meta's biggest revenue source -- have contributed to Meta's woes.

Some of the pain is company-specific, while some is tied to broader economic and technological forces.

CRE go boom

Singapore Singapore Latest News, Singapore Singapore Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Tuesday Digest: New CEO for Levi's; Musk discusses putting Twitter behind paywall - San Francisco Business TimesIt's election day, but don't let all the political hype take your eye off the ball. Read all the non-election Bay Area business news here to get the lowdown this Tuesday morning.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

SBA proposes expanding lender network, streamlining loan process - San Francisco Business TimesA proposed rule for the popular 7(a) program is just the latest effort by the SBA to overhaul its existing programs. Here's what businesses need to know.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

ERC and other tax credits every small business should know about - San Francisco Business TimesExperts say the pandemic and the resulting small-business relief programs ushered in a wave of new interest in federal tax credits. Here are five tax credits business owners should be aware of and how they can cash in.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »

ERC and other tax credits every small business should know about - San Francisco Business TimesExperts say the pandemic and the resulting small-business relief programs ushered in a wave of new interest in federal tax credits. Here are five tax credits business owners should be aware of and how they can cash in.
Source: SFBusinessTimes - 🏆 78. / 68 Read more »