Mark Zuckerberg Makes Mass Layoff to Meta Employees

VIVA – Tech giant company, Meta has made a mass layoff to thousands of employees. It was conveyed through a message sent directly by Meta CEO Mark Zuckerberg to employees.

"Today I am delivering some of the most difficult changes taken in Meta's history. I decided to reduce the company's headcount by 13 percent, and let go of more than 11,000 of our talented employees," Mark Zuckerberg said in a statement.

"I want to take responsibility for this decision and how we got here. I know this is hard for everyone and I apologize to those affected," Zuckerberg continued in a statement.

In the letter, Mark also mentioned that management will take a number of other steps to make the company leaner and more efficient in the future, namely through cutting discretionary costs and extending the hiring freeze until the first quarter of next year.

Furthermore, according to Zuckerberg, each employee will receive 16 weeks of severance pay, plus two additional weeks for each year of their work.

So, for example, someone who has worked at Meta for four years will effectively get six months of salary. In addition, workers will also be paid for all remaining unused time off, quoted from the TechCrunch website, Wednesday, November 9, 2022.

It was previously rumored that Meta Platforms Inc plans to start massive layoffs this week that will affect thousands of employees, according to a Wall Street Journal report.

Then, the disappointing outlook came as Meta contended with slowing global economic growth, competition from TikTok, privacy changes from Apple, concerns about massive spending on the metaverse, and the ever-present threat of regulation.

CEO Mark Zuckerberg mentioned that the metaverse investment took about a decade to pay off. In the meantime, he had to freeze hiring, shut down projects, and reorganize teams to cut costs.

"In 2023, we will focus our investments on a small number of high-priority growth areas. So that means some teams will grow significantly, but most other teams will stay flat or shrink over the next year," he added.

The social media company in June had cut plans to hire engineers by at least 30 percent as Zuckerberg warned employees to prepare for the economic downturn. 

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2 November 2024