Meta, Facebook’s parent company, laid off more than 11,000 workers on Wednesday due to a sharp decline in income. Disappointing results and a decline in income have prompted the social media giant to implement layoffs as part of a drive to decrease costs.
Since its sale to Elon Musk, Twitter has laid off about half of its workers. According to the story, sources close to the situation confirm that Zuckerberg admitted personal responsibility for the company’s failures and acknowledged that his excitement about the company’s expansion had resulted in overstaffing.
He cited the recruiting and business teams in particular as being affected by the layoffs, and he added that an internal statement of the company’s layoff plans is due around 6 a.m. Eastern Time on Wednesday. At the end of September, Meta reported having over 87,000 employees.
After Laying Off 11,000 People at Meta, Mark Zuckerberg Had This to Say.
I want to talk about some of the most challenging shifts we’ve made in Meta’s history today. Mark Zuckerberg, CEO of Meta, announced the layoffs in a blog post today: “I’ve chosen to reduce the size of our company by around 13% and let more than 11,000 of our great colleagues go.”
Over Eleven Thousand People Were Let Go.
On Wednesday, Meta, Facebook’s parent company, laid off more than 11,000 workers in an effort to cut expenses in the wake of poor financial results and a decline in revenue.
A general internal announcement of Meta’s layoff plans is expected around 6 a.m. Eastern time Wednesday, with the specific employees losing their jobs informed over the course of the morning https://t.co/NFuLQNxBZG
— The Wall Street Journal (@WSJ) November 9, 2022
Zuckerberg Claims That the Company Was Overstaffed Because of Inflated Projections of Future Growth.
Facebook CEO Mark Zuckerberg acknowledged layoffs in an internal meeting, explaining that his excessive optimism about future development resulted in an overstaffing situation.
The Layoffs Will Effect 10% of the Workforce.
There were more than 87,000 people working for Meta as of September 30th, thus it is estimated that around 10% of those people will be affected by the layoffs.
Layoffs Will Be Announced by Meta at 4:30 Pm Today.
An internal business announcement detailing the entire strategy is expected to be made public around 6 a.m. EST on Wednesday, according to sources with knowledge of the situation.
We’ll Have to Make Some Changes. As Zuckerberg Said It While Discussing the Layoffs:
For the first 18 years of our existence, annual growth was rapid; however, in recent years, for the first time, annual income has been flat or even slightly down. As a result, we need to make certain changes.
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How Many Workers Will Be Let Go by Meta?
While Meta hasn’t commented on how many workers will be let go, a story from last week said that the company would ask thousands of workers to depart.
Meta’s job losses could be fewer in percentage terms than Twitter’s, but the number of people who could be laid off could be “biggest to yet at a major technological business in a year that has seen a tech-industry retrenchment,” as reported by The Washington Post.
A general internal announcement of Meta’s layoff plans is expected around 6 a.m. Eastern time Wednesday, with the specific employees losing their jobs informed over the course of the morning https://t.co/NFuLQNxBZG
— The Wall Street Journal (@WSJ) November 9, 2022
As Zuckerberg Put It, “a Bunch of People Who Don’t Belong Here.”
Mr. Zuckerberg told staff at a companywide meeting at the end of June that “realistically, there are probably a bunch of people at the company that shouldn’t be here.”
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There Will Be a Layoff of 10% of the Company’s Workforce.
More than 87,000 people were employed by the corporation as of September 30th, thus the layoffs are projected to affect around 10% of the workforce.
Due to a combination of factors, including a sharp slowdown in digital advertising revenue, an economy on the brink of recession, and Zuckerberg’s heavy investment in a speculative virtual-reality push known as the metaverse, the company has implemented its first major budget cut since its founding in 2004.
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Meta Will Provide a Severance Package Equal to Four Months of Wages.
According to the WSJ, which cited “people familiar with the subject,” Lori Goler, Meta’s chief of human resources, claimed that employees who are laid off will be given at least four months of income as severance.
