A number of Canadian workers have been laid off by Meta as the tech giant announced plans to cut 13 per cent of its workforce in a bid to become 'leaner and more efficient.'
A number of Canadian workers have been laid off by Meta Inc. as the tech giant announced plans to cut 13 per cent of its workforce in a bid to become"leaner and more efficient."
The cuts are the product of a miscalculation on the growth of e-commerce, which Zuckerberg thought would be permanent but has been falling from its pandemic highs, he said in the letter. Part of the readjustment includes cuts at Netflix, Microsoft, Oracle and Intel along with dozens of international startups and household names.Zuckerberg's letter mirrored Shopify chief executive Tobi Lutke's July missive announcing 10 per cent of staff -- roughly 1,000 workers -- would be departing the Ottawa-based e-commerce company.
"As long as major platforms with a lot of staff and really high valuations are owned or essentially controlled by billionaires, who are insulated from a lot of types of pressures that non-millionaires are not isolated from, we're going to continue to see ," she said. While she doesn't think the workers laid off by Meta will have trouble finding employment, many won't be paid Meta-level salaries and will face greater competition in the job market.
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