Meta, the company that owns Facebook, Instagram, and WhatsApp, said it would lay off 13% of its employees.
The first mass layoffs in the company’s history will lead to the loss of jobs for 11,000 of its 87,000 employees worldwide.
(Previously:Â Facebook Owner Meta Anticipated to Announce Huge Job Layoffs)
Mark Zuckerberg, the CEO of Meta, said that the cuts were “the hardest changes we’ve ever made in the history of Meta.”
The news comes after significant layoffs at Twitter and other tech companies. Where about half of the staff was let go.
In a statement, “I know this is tough for everyone, and I’m especially sorry for those impacted.”Â
Mark Zuckerberg said that huge long-term growth goals were set because the company’s sales increased during the pandemic.
Many people believed this would be a permanent acceleration, so he chose to raise the company’s expenditures considerably.
Instead, he said that the “macroeconomic downturn” and “increased competition” caused sales to be much lower than expected. People were ready for the news of job cuts, and Mark Zuckerberg apologized.
Mr. Zuckerberg said the company would focus on high-priority growth areas like artificial intelligence, advertising, and “our long-term vision for the metaverse.”
Meta will also cut costs in other ways, such as by spending less on buildings and offices and having more people share desks.
ALSO:Â Twitter Starts Laying Off Staff in India
He said that the affected Meta employees would soon get an email and have a chance to ask questions.
US workers who lose their jobs will get 16 weeks of pay plus one week for every year they worke. Among the other benefits, family health insurance will still be offere for another six months.
Outside of the US, the support will be the same, but there will be a different way to let people go because of local employment laws.
Mark Zuckerberg is pouring his and his company’s money into the Metaverse, a virtual realm where he wants to rebound and become king of the new internet generation.
