Yesterday, Mark Zuckerberg announced the largest layoffs in Meta’s history.
In a letter to employees, he mentioned a now familiar admission of guilt among tech CEOs — incorrectly predicting that a pandemic surge in ecommerce would be a permanent trend, and investing heavily in headcount to meet that growth.
“I got this wrong,” he wrote.
He’s not the first to admit that error.
As for Meta, investors consider the layoffs a major step toward better cost management, though their concerns about competition with TikTok and Apple remain.
That, and concerns about whether placing the company’s fate on the success of the metaverse was a good idea. That, too.