Meta CEO Mark Zuckerberg reportedly told executives that mass layoffs were coming.

Mass Meta Layoffs Reportedly Coming Wednesday

Welcome back to closing bell and cheddar news Everyone. We do have a news alert here meta ceo Mark Zuckerberg saying the company will start laying off staff starting tomorrow. The cuts expected to be in the several thousands and will likely be the biggest of the year to date in the tech sector, according to the Wall Street Journal, Zuckerberg reportedly telling executives in a meeting today that he is accountable for the company's missteps and that he was over optimistic about its growth leading to over staffing. Well, let's take a look at shares of meta, the parent company of facebook instagram with a keen focus on the metaverse as well, looks like trading just fractionally lower after hours. This news had already been broadcast of course, over the weekend that we were expecting these layoffs and the stock had rich in the wake of that. So I'm not surprised to see kind of a muted reaction in the after hours. But this is new news that Zuckerberg himself, like we've seen other tech executives actually of late this year taking the blame for the upcoming staffing shortages and cuts