This is more than ten percent of Meta’s workforce.
Meta lays off 11,000 employees. It is the biggest layoff in the technology industry this year. PDO
Facebook’s parent company Meta is laying off more than 11,000 employees, Reuters reports, among others. This is 13 percent of the company’s workforce.
According to Reuters, it is the largest layoff of the year in the technology sector and the largest layoff in Meta’s 18-year history.
According to Reuters, Meta has promised to pay 16 weeks of base salary plus two additional weeks for each year of service as part of the severance package and all remaining paid time off.
Meta also plans to cut discretionary spending and continue to freeze hiring for the first quarter.
Meta’s future layoffs were reported earlier on Wednesday. At that time, however, the number of employees to be dismissed was not yet known.
According to The Wall Street Journal, Meta’s CEO Mark Zuckerberg seemed downcast at Meta’s meeting on Tuesday. He said he was responsible for the mistakes made by the company.
Zuckerberg admitted on Tuesday that his over-optimism about the company’s growth has led to hiring too many employees.
Meta’s plunge has been followed throughout the current year, and according to the WSJ, Meta’s stock has fallen by more than 70 percent this year.
Meta’s figures announced in October were also gloomy reading: Meta’s share price was said to have fallen by almost 20 percent, and the company’s turnover in the third quarter of the year was 27.7 billion, which is less than in the same period last year.