Note: This article may contain commentary reflecting the author's opinion.

Social media giant Meta — parent company of Facebook and Instagram — decided to lay off eleven thousand employees as the company struggles to grow its revenue.

Meta CEO Mark Zuckerberg commented on the decision of Facebooks’s newsroom, saying:

“Today I’m sharing some of the most difficult changes we’ve made in Meta’s history. I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.

I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted.”

The reasoning: COVID-19 leveled the company’s ten-rapidly accelerating growth rate.


Do you think Trump should be arrested?*
This poll gives you free access to our premium politics newsletter. Unsubscribe at any time.
This field is for validation purposes and should be left unchanged.

“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…” Zuckerberg writes.

“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.”

This comes after Facebook announced a hiring freeze in late September. As the DC Enquirer reports:

“Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg outlined sweeping plans to reorganize teams and reduce headcount for the first time ever, calling an end to an era of rapid growth at the social media giant.” Bloomberg reports, adding that this signals the company’s first major budget cut since 2004.

Facebook CEO Mark Zuckerberg reportedly told employees during a weekly Q&A:

“I had hoped the economy would have more clearly stabilized by now, but from what we’re seeing it doesn’t yet seem like it has, so we want to plan somewhat conservatively… For the first 18 years of the company, we basically grew quickly basically every year, and then more recently our revenue has been flat to slightly down for the first time,”

While we don’t know if COVID-19 alone can account for Facebook’s decline, it is common sense that their woke ideology — encapsulated by their ban of a sitting President — could not have helped them out. When you go woke, expect to go broke.