Meta lays off 11,000 of its workforce

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Mark Zuckerberg the Meta CEO has announced a 13 percent job cut, with 11,000 employees asked to go. Meta, however, is not the first nor is likely to be the last to announce job cuts in the tech industry.

In a message to employees while announcing the job cut, Zuckerberg had this to say:

“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.”

Reports of Meta’s plans to disengage some of its workforce were rife during the last couple of days, and that has now been confirmed with this announcement.

“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.”

According to Zuckerberg, each US-based employee relieved of his appointment, will receive 16 weeks of severance pay, including two extra weeks for each year of service.

Meta also adds that workers will be paid for all remaining unused time off and receive stock-based compensation that was vesting through November 15. Employees and their families will also receive health insurance for six months.

Workers outside the US will also receive some form of severance packages, but tailored for each market.

A couple of days ago, The Wall Street Journal, had reported that the tech giant was planning to lay off a “large-scale” of its workforce anytime this week.

It is projected that Meta would lose around $10 billion in 2022 alone as a result of Apple’s data privacy prompt, which without a doubt would affect its revenue. The effect of such massive revenue loss will no doubt put Meta under pressure to reduce its staff strength to mitigate the effect of the projected loss.

Recall that last July Meta CEO Mark Zuckerberg had warned staff to get prepared for the worst downturns ever experienced in recent history. He went ahead to add that the company would not engage in much hiring, while also suggesting that staff consider their employment options.

Some of you might decide that this place isn’t for you, and that self-selection is OK with me. Realistically, there are probably a bunch of people at the company who shouldn’t be here.”


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Author: Ola Ric

Ola Ric is a professional tech writer. He has written and provided tons of published articles for professionals and private individuals. He is also a social commentator and analyst, with relevant experience in the use of social media services.

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