Its all about layoffs at Meta, layoffs at Twitter. But what’s the reason?
What’s Happening in Tech?
The past year has been really tough. As if Covid was not enough, Macroeconomic conditions, War with Russia, Oil and Energy prices, Interest Rates, has brought us finally to the brink of recession. While last year people were leaving their jobs willingly to go for some higher pursuit or better opportunities, this year people are being let go without a choice.
So, What has happened to Tech?
Just Last week Elon Musk let go of 50% of the Twitter employees, and today Meta is believed to make the biggest splash to date in Tech Layoffs tomorrow by firing as much as 10% of its employees as per WSJ.
As per WSJ, in his most recent meeting with Meta Execs, Mark Zuckerberg said that he was accountable for the “company’s missteps” and that his over-optimism about growth had led to overstaffing.
This is not a first. After the last week Twitter’s Layoff, Jack Dorsey sent a similar tweet saying that “I grew the company size too quickly. I apologize for that”.
