Mark Zuckerberg apologized for over-investing in Meta as he announced more than 11,000 staff would be laid off: 'I got this wrong'

Mark apologized to employees after announcing layoffs.

He told employees on Wednesday that he messed up.

It had been expected that Meta would lay off around 11,000 employees.

Meta had over-invested in recent years after the Pandemic caused increased revenues.

The company had been hit by a macroeconomic downturn, increased competition, and ad revenue losses.

He said in the memo that many people had predicted that this would be permanent. I decided to increase our investment. The way this played out was not what I was expecting.

Since changing its name to Meta, it has been struggling. The company's stock price has fallen by 70% since it was rebranded in October of 2011.

The company has recently introduced hiring freezes and tougher performance metrics for employees.

Despite this, he still thinks Meta is underestimated.

Insider reached out to Meta, but didn't hear back.