After 18 years of bumper growth, a new reality dawned on Meta on Wednesday as chief executive Mark Zuckerberg announced a drastic retrenchment of his company’s workforce.
The deep job cuts — equal to about 13 per cent of its workforce, or 11,000 employees — speak to the competitive threats that Meta, which owns Facebook, Instagram and WhatsApp, is facing from deep-pocketed Chinese rival TikTok.
They are also the first sign that Zuckerberg has been forced to moderate, at least partly, his costly bet on building a digital avatar-filled metaverse amid heightened scrutiny from investors over his spending.
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