Meta layoffs show Mark Zuckerberg ‘got religion’ on costs, but he must cut more

Mark Zuckerberg, chief executive officer of Meta Platforms Inc., speaks during the virtual Meta Connect event in New York, US, on Tuesday, Oct. 11, 2022.

Michael Nagle | Bloomberg | Getty Images

The announcement Wednesday from Club holding Meta Platforms (META) that it’s laying of about 13% of its workforce, or more than 11,000, employees, is a sign to us that CEO Mark Zuckerberg, in the words of Jim Cramer, “got religion” when it comes to trying to get a handle on the company’s out of control costs. While we take no joy in people losing their jobs, we would like to point out that the severance packages appear to be generous, and we hope they can blunt some of the blow for those unfortunate to be included in these staff reductions.

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