Facebook owner Meta will lay off 11,000 employees

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  • Facebook, Instagram, and WhatsApp owner Meta has stated it will reduce its employees by 13%.

11,000 of his 87,000 employees around the world will lose their jobs as a result of the first major layoff in the company’s history.

The cut, according to Meta’s CEO Mark Zuckerberg, was “the most painful change in Meta’s history.”

The announcement comes in the wake of widespread layoffs at Twitter and other internet firms, where approximately half of their workforces were affected.

We made the decision to considerably raise our investment because “many individuals expected that this would be a permanent acceleration, and I did too.”

“I am sorry for those affected, I know this is difficult for everyone.” Zuckerberg attributed the company’s spike in sales during the pandemic to long-term, huge growth plans.

Instead, he said a “macroeconomic slowdown” and “increasing competition” meant earnings were far below expectations.

“I made a mistake and I take responsibility for it,” he said.

The announcement of job cuts was widely expected. Zuckerberg briefed hundreds of Meta executives on Tuesday about the plan.

Priority Zuckerberg said the company will focus on high-priority growth areas such as artificial intelligence, advertising and a “long-term vision for the metaverse.” Meta also cuts costs elsewhere, such as spending less on buildings and offices, and sharing more desks.

Affected Meta staff will soon receive an email and an opportunity to ask questions, he said. A U.S. employee receives severance pay equal to her 16 weeks’ wages plus 1 week for each year of service. Other benefits include continuation of family health insurance for 6 months.

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