Facebook founder Mark Zuckerberg released a statement saying that Meta will lay off around 11,000 employees which is equal to 13% of the gross workforce.
Meta revenue and economic struggle
The founder also said that he takes accountability, and is sorry to all who are affected. He also said that other causes include misjudged investments, weak ad market, and the macroeconomic downturn.
Furthermore, the company also plans to be more capital efficient and will shift resources to high-priority growth areas such as the AI discovery engine and long-term vision of the metaverse.
The company will also reduce budgets, adjust perks, and will shrink the real estate footprint, meaning employees will have a smaller work area.
However, the fired employees in the United States will receive severance pay, paid remaining PTO, health insurance for the next six months, and assisted career support through a third-party vendor.
Support will be the same outside the US taking into account local employment laws.
Miguel Palispis
Started his freelancing adventure in 2018 and began doing freelance Audio Engineering work and then started freelance writing a few years later. Currently he writes for Gadget Pilipinas and Grit.PH. He is also a musician, foody, gamer, and PC enthusiast.
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