The founder of Facebook has survived many crises, from technical failures to the spread of conspiracy theories on his networks. But now he faces a whole new challenge: managing mediocre growth.
(Photo: PETE MAROVICH/The New York Times)
Dusseldorf It is the largest mass layoff in the history of the tech industry: Meta is cutting 11,000 jobs, and a good one in eight employees has to leave the parent company of Facebook, Instagram and Whatsapp.
Many tech companies are currently shedding jobs. But Meta is not only unique in its extent, but also in the reasoning: The insanely high investments in the Metaverse are taking revenge.
Did Zuckerberg actually believe in a rapid merging of the real and digital worlds, despite the lack of IT infrastructure and bulky VR glasses? Or did he just want to distract from a sluggish core business with his vision of the future? You don’t even know what would be worse.
Because now at the latest the truth is out: The Metaverse will be many years away. The growth of Facebook and Instagram, on the other hand, is already declining more and more.
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Zuckerberg can only fire himself
Zuckerberg would probably be out of office if he didn’t control the majority of votes at Meta. Only he can fire himself. But he probably won’t do that.
At least now the truth is out: The Metaverse will be many years away. Thomas Jahn, Handelsblatt editor
The record number of layoffs is a loss of face for founder Mark Zuckerberg. So far, his company has only experienced strong growth. Now he must guide it through stagnation and a global economic crisis.
This requires prudence and a sense of proportion, all virtues that he has not often shown up to now and that are not easy to develop given his wealth of power in the company. Even if you have to give the 38-year-old credit for not hiding: In a letter to the employees, he took responsibility for the debacle and admitted to mistakes.
The moderating influence of Sheryl Sandberg is absent
Nevertheless, the question arises as to whether Zuckerberg is still the right boss for Meta. The lack of Sheryl Sandberg’s moderating influence in the group is all too evident. According to industry rumors, Zuckerberg’s longtime right-hand man didn’t believe in the Metaverse and disembarked a few months ago.
Now, Zuckerberg must reinvent himself without her — or leave.
More: “I was wrong” – Facebook boss Zuckerberg admits mistakes and fires 11,000 employees