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Target layoffs show Mark Zuckerberg ‘got religion’ in costs, but needs to cut more

Target layoffs show Mark Zuckerberg ‘got religion’ in costs, but needs to cut more

Mark Zuckerberg, chief executive officer of Meta Platforms Inc., speaks during a virtual Meta Connect event in New York, U.S., Tuesday, Oct. 11, 2022.

Michael Nagle | Bloomberg | Getty Images

Announcement on Wednesday from Club holding Meta Platforms ( META ) to employ about 13% of its workforce, or more than 11,000 employees, is a sign to us that CEO Mark Zuckerberg has, in the words of Jim Cramer, “got religion” when it comes to trying to get the company’s costs out of the way. controls. While we are not looking forward to people losing their jobs, we would like to point out that the severance packages are generous and we hope they can soften the blow for those unfortunate enough to be involved in these staff cuts.



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