Zuckerberg sends memo about layoffs to Meta workers, Musk bans Twitter employees from working at home

1. Mark Zuckerberg sends employees a memo announcing Meta layoffs plans to lay off more than 11,000 people

Meta CEO Mark Zuckerberg sent a memo around to employees announcing that the organization is laying off more than 11,000 people — around  13% of its workforce.

In the memo, Zuckerberg explained the reasoning behind the layoffs:

At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected. Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that.