Meta CEO Mark Zuckerberg discussed that the recent tech industry layoffs were not primarily driven by artificial intelligence growth but rather by companies adjusting to the e-commerce surge during the COVID-19 pandemic.
Many firms, including Meta, overbuilt during this period and are now focusing on operating more efficiently.
“The AI stuff was not a major driver of that,” Zuckerberg said.
Zuckerberg highlighted that companies realized they had over-hired and needed to streamline their operations, leading to a wave of layoffs across various sectors.
This shift towards leaner organizations has become a prevalent trend as companies aim to optimize their efficiency in the current economic landscape.
“I think across the economy, a lot of companies just kind of overbuilt, and then when things went back to pretty close to exactly what they were the way before… I think a lot of companies realized, ‘Hey, we’re kind of not in a good financial place because we overbuilt,'” Zuckerberg said.
As a result, “you had this wave of layoffs that were basically responding to that,” he said.
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