News

Tue Nov 15

Mark Zuckerberg can sack 11,000 workers but shareholders can't dump him: it's called 'management entrenchment'

Written by Mark Humphery-Jenner, Associate Professor of Finance, UNSW Sydney

“I want to take accountability for these decisions and for how we got here,” tech billionaire Mark Zuckerberg told the 11,000 staff he sacked this week.

But does he really?

The retrenchment of about 13% of the workforce at Meta, owner of Facebook and Instagram, comes as Zuckerberg’s ambitions for a “metaverse” tank.

The...

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