Mark Zuckerberg says firm overinvested at start of Covid, adding ‘I got this wrong’
- Business live updates: Meta to cut 11,000 jobs
Mark Zuckerberg’s Meta is cutting 11,000 jobs, more than one in eight staff, after a disastrous collapse in revenue has left the company behind Facebook overstaffed and “inefficient”, the chief executive said in a note to staff.
However, Zuckerberg indicated he planned to continue backing the company’s controversial multibillion-dollar bet on virtual reality, saying the metaverse project was a “high-priority growth area”.
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