Meta will become a leaner, more efficient company and cut costs, Mark Zuckerberg promised.
Meta, which owns social networking site Facebook, will lay off more than 11,000 employees as part of a massive layoff program. This was announced by the company’s CEO Mark Zuckerberg in his letter, published on Wednesday, November 9th.
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“I have decided to reduce our team by approximately 13% and lay off more than 11,000 of our talented employees. We are also taking several additional steps to become a leaner and more efficient company by reducing discretionary spending and continued hiring suspension through the first quarter,” the statement said. Zuckerberg.
For the fired employees, he promised compensation equal to 16 weeks of full pay, plus an additional two weeks for each year they worked for the company.
Zuckerberg said that amid the COVID-19 pandemic, he overestimated the growth in demand for online technologies and increased investment. But a further downturn in the economy led to a reduction in advertising budgets. He emphasized that he takes responsibility for this decision and the company’s mistakes.
At the end of September, Meta had more than 87,000 employees.
Media previously reported that Meta was preparing large-scale layoffs. These layoffs will be the first mass staff reductions in the company’s history.
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Source: korrespondent
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