Mark Zuckerberg Explains Why More Than 30,000 Tech Layoffs Have Happened In 2024

Its been barely 50 days since new year 2024 began, and the tech industry has already suffered more than 30,000 layoffs. And with layoffs showing no signs of slowdown, Meta CEO Mark Zuckerberg has come forward with a theory to explain why tech layoffs are happening.

Vanya GautamUpdated: Feb 19, 2024, 09:20 IST
3 min read
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Reuters

Its been barely 50 days since new year 2024 began, and the tech industry has already suffered more than 30,000 layoffs. And with layoffs showing no signs of slowdown, Meta CEO Mark Zuckerberg has come forward with a theory to explain why tech layoffs are happening.

Mark Zuckerberg Explains Why Tech Layoffs Are Happening

mark zuckerberg facebook mark zuckerberg/getty

The billionaire says that companies are realizing that, while (layoffs are) painful, there are benefits to being "leaner." In an interview recently, the Meta CEO said companies are still adjusting to the post-pandemic era, as per Business Insider report.

E-commerce sales skyrocketed during the pandemic, leading to significant increases in online advertising revenue. However, sales growth slowed and ad rates returned to normal as consumers went back to the stores and the economy stabilized. Numerous businesses realized they had overhired and needed to make significant cuts, including Meta. That was the first wave of layoffs.

"In terms of the layoffs and stuff like that, I actually think that was more due to companies trying to navigate Covid," Zuckerberg said when asked if tech layoffs had to do with the AI boom.

What He Said About Meta's Layoffs

layoff layoffs 2024/shutterstock

According to Zuckerberg, businesses are now understanding there are advantages to being leaner and are no longer cutting back on staff size purely due to over-hiring. Many tech companies were initially reluctant to make cuts, but as time went on, they came to understand that it wasn't the end.

"It was obviously really tough, we parted with a lot of talented people we cared about," Zuckerberg said in the interview, speaking specifically about Meta's past layoffs. "But in some ways actually becoming leaner kind of makes the company more effective."

Following Zuckerberg's "year of efficiency," when Meta laid off tens of thousands of employees, the company has been steadily recovering.

As per Zuckerberg, businesses are still considering efficiency in their operations today. Many are thinking about changing the company's structure, reducing the number of management positions, and adopting a leaner business model.

Also Read: How To Be Financially Prepared Amid Mass Layoff Wave

More Than 30,000 Layoffs Have Happened In 2024

layoffs 2024 layoffs 2024/istock

From Google, Amazon, to Microsoft, a lot of big companies have already announced the beginning of layoffs in 2024. Here's a list of companies that have laid off employees till date this year:

Instacart

Mozilla

Grammarly

Getaround

Amazon

DocuSign

Snap

Polygon Labs

Okta

Thinx

Proofpoint

Wattpad

Block

PayPal

Salesforce

Flexport

Microsoft

Swiggy

Aurora

eBay

SAP

Brex

TikTok

Vroom

Wayfair

YouTube

Pixar

Audible

Discord

Google

Amazon

Twitch

Treasure Financial

Duolingo

Rent the Runway

Unity

Pitch

BenchSci

Flexe

NuScale

Trigo

InVision

VideoAmp

Orca Security

Frontdesk

Also Read: Explained: How Apple Has So Far Avoided Mass Layoffs

For the latest and more interesting financial news, keep reading Indiatimes Worth. Click here

21/11/2024 13:7:39
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