Facebook Owner, Meta, Announces Plans To Lay Off 11,000 Employees
Meta, the parent company of Facebook, has disclosed that it will be laying off 13% of its workforce.
This has come barely one week after Twitter sacked fifty per cent of its employees.
Team@orientactualmags.com learned the CEO, Mark Zuckerberg, who announced this in a blog post, noted that he had a fair share of the blame for being overoptimistic about the company’s future growth based on a pandemic surge. Announcing this 11,000 job cuts was the major one in the company since its establishment in 2004.
Zuckerberg noted that the measure taken will now make the company become ‘leaner and more efficient’ , it will also ensure that special attention gets paid to ads, AI, the metaverse among others.
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Meta has had its stock price dropping more than 70 percent this year, and also lost $700 billion in market value.
‘At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth.
Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected’ Zuckerberg submitted.
The Meta laid- off employees in the United States would be receiving ‘16 weeks of base pay plus two additional weeks for each year of service, health insurance coverage for six months, and support for finding a new career and navigating immigration issues’.
Zuckerberg added that the company would be coming up with a hiring freeze through the first quarter of 2023 ‘with a small number of exceptions’.
‘I believe we are deeply underestimated as a company today. Billions of people use our services to connect, and our communities keep growing. Our core business is among the most profitable ever built with huge potential ahead. And we’re leading in developing the technology to define the future of social connection and the next computing platform’ he added- Team@orientactualmags.com Do you have any information you wish to share with us? Do you want us to cover your event or programme? Kindly send SMS to 08059100286, 09094171980. Thank you
