Watch: Meta CEO Mark Zuckerberg addresses employees after axing them
Zuckerberg in his address to the sacked staff said he takes full responsibility
As many as 11,000 employees across Meta-owned organisations were laid off by CEO Mark Zuckerberg as a cost-cutting measure.
In a blog post titled "Mark Zuckerberg’s message to Meta employees”, the company said that the retrenchment decision was taken due to a “macroeconomic downturn, increased competition, and ads signal loss”.
The 38-year-old tech wiz later addressed the sacked employees separately through a video call, explaining the future prospects of the company. Days after his message, the clip went viral on social media.
“I know there must be just a range of different emotions.I want to say up front that I take full responsibility for this decision,” he said.
“I’m the founder and CEO, I’m responsible for the health of our company, for our direction, and for deciding how we execute that, including things like this, and this was ultimately my call.”
Meanwhile, those who have been asked to go will be receiving a payout of 16 weeks of base pay and two additional weeks of pay for every year of service.
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They will also be provided with immigration support, health insurance for six months, and career services to employees.
The massive layoffs come at a time when Meta has been facing pressures from investors to cut spending as the company shifts focus away from social media and to the “metaverse”.
Zuckerberg believes that the metaverse will eventually replace smartphones as the primary way people use technology.
In the post, the company said it will be focusing on growth areas like AI discovery engine, ads, and business platforms.
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