— Meta is laying off 11,000 employees, which accounts for 13% of its workforce.
— The company has revealed that affected workers will get conpensation.
Meta CEO Mark Zuckerberg confirmed that the company will lay off a significant number of its employees which media outlets have said amounts to 11,000 (or 13%).
The company is the latest tech firm to go down the road of shedding its weight and with how much it has lost since the beginning of this year, it is surprising that only this amount of people are leaving the company. Previously, we heard that at least 50% of its staff would be laid off.
In a statement, Zuckerberg expressed how sorry he was to see the situation escalate to this level. “I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted,” he said.
–Google is linking its platforms to make it easier to follow 2022 FIFA World Cup
–Binance pulls out of deal to buy FTX
–Shareholder open letter asks Meta to fire employees and cut metaverse spending.
In a bid to soften the blow, Meta said that employees in the US would get 16 weeks of severance pay. Meanwhile, they also stand to receive two weeks extra pay for every year they worked at company. Additionally, it agreed to pay workers the remainder of their unused time off and stock-based compensation. They and their families are also entitled to health insurance for six months.
However, for affected employees outside of the US, the company did not go into details on how they will be compensated. Although, it did reassure the public that they will get similar severance packages that match their region.
It is curious that Meta is choosing to shave its social media business workforce in favour of continually pursuing its virtual reality business. Is this the end of the ad revenue business as we know it?
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