Ahead of the massive terminations planned at Meta, CEO Mark Zuckerberg reportedly told in a meeting that “he was accountable for the company’s missteps, and that his over-optimism about growth had led to overstaffing.” To recall, Zuckerberg’s metaverse ambitions have resulted in Facebook bleeding billions of dollars each year, while the stock continues to be on a downward spiral.
The rest of the divisions are not doing too well either, as Apple’s moves have hurt ad revenues while social media competition had Meta losing daily active users for the first time in the company’s history. Zuckerberg’s apology sounds eerily similar to what Twitter co-founder and former CEO Jack Dorsey recently posted about the massive layoffs at Twitter under its new chief Elon Musk.
Dorsey noted that he takes the responsibility for the messy employment situation at Twitter, especially in the face of a looming recession risk. “I grew the company size too quickly. I apologize for that,” he added, almost as if it was a template for Zuckerberg’s own apology.
Musk, on the other hand, wasn’t so apologetic. Soon after employees started getting locked out of Twitter systems, the billionaire tweeted that “there is no choice when the company is losing over $4M/day.” Embarrassingly, Twitter soon started reaching out to a few of the fired employees, asking if they would be interested in a comeback.