USA: Following the feat of other tech giants like Microsoft and Twitter, Meta Chief Mark Zuckerberg has also announced the “laying off” of as many as 11,000 employees from the Meta group. He shared the news on his blog post and also apologized to the ones affected by the decision. He informed, that this step is taken to reduce the team size and make the work more efficient.
In the blog post, Zuckerberg said, “Today I’m sharing some of the most difficult changes we’ve made in Meta’s history. I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go.” He further added, “We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”
Earlier, Elon musk also sacked several high-profile employees after taking over Twitter, one of the world’s largest social media platforms. While he had to compensate the company biggies for sacking them, it is reported that Zuckerberg will also pay 16 weeks of base pay and 2 additional weeks’ pay for every service year to the employees who have been sacked. Also, they will be given healthcare benefits for 6 months following their layoffs.
He apologized to the employees who have been sacked and said, “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.” This reduction in employees has come as part of the 1st major budget cut after 2004 when Facebook was founded. Zuckerberg emphasized on making the company more “capital efficient” and work more on the “high priority growth” areas so that the future of the metaverse becomes more prominent.