Roiled by waves of layoffs and a costly investment in the metaverse, many insiders say the Facebook founder has lost his vision — and the trust of his workforce.
” that shows no immediate signs of paying off, many inside Meta say Zuckerberg has lost his vision — and the trust of his workforce. Instead, he is steering the company into an unprecedented morale crisis, according to interviews with more than two dozen current and former employees who spoke on the condition of anonymity for fear of retribution.
Last week, Meta’s stock rose 13 percent on news that quarterly revenue had ticked up for the first time in nearly a year. But insiders say the layoffs — along with pledges from Zuckerberg for further cost-cutting — have shattered internal resolve.Even in the highest ranks of Meta’s leadership, some blame Zuckerberg for the company’s malaise. For example, Meta hired 41,000 people during the pandemic, in a frenzy to invest in labor while money was pouring in.
Zuckerberg was personally involved in the cuts, despite keeping a reduced work schedule because of the birth of his third child. He has deputized a cadre of top executives along with people in human resources, legal and finance departments to help redraw the organizational charts and find ways to make the company more efficient.
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