FB Parent Meta CEO Confirms Layoffs to Commence Today

NEW DELHI: Days after the widely used microblogging platform laid off more than 50 percent of its staff citing a revenue drop, FB parent Meta has made an announcement along similar lines. The CEO has, however, not confirmed the number of employees the giant social media firm would lay off.

According to sources at an internal meeting on Tuesday, the 38 year old CEO revealed that the headcount of 2023 would be smaller than it is this year. Details of those being laid off will be issued Wednesday morning. Besides this, Zuckerbeg also owned up for Meta’s missteps and that his “overoptimism” led to overstaffing, people familiar with the matter. The lay off is likely to affect 10 per cent of the company, whose headcount was over 87,000 as of September 30th. Exceutives being fired will be given a severance of four months.

The mass lay offs that begin at 6 am on Wedenesday would be the first broad head count reductions in the company’s 18 year history.

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