Zuckerberg: Pandemic Over-Hiring, Not AI, Driving Tech Layoffs
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Meta CEO Mark Zuckerberg said tech layoffs are due to companies overbuilding during the e-commerce boom in the pandemic, not AI growth.
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Many tech firms like Meta, Amazon, and Microsoft over-hired during the pandemic e-commerce surge, thinking growth would continue.
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When growth slowed post-pandemic, companies realized they had become bloated and needed to cut costs through layoffs.
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Zuckerberg said after layoffs, many companies realized they can be more effective with a leaner workforce.
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January saw the second highest monthly layoffs since 2009, impacting sectors like tech, media, and finance.