'Sorry to those impacted': Facebook's parent company Meta fires more than 11,000 workers
Mark Zuckerberg
Facebook’s parent company Meta has decided to follow the examples of tech giants like Twitter and Microsoft to announce massive job cuts. Meta CEO Mark Zuckerburg said on Wednesday that the company will be firing over 11,000 employees following a severe dip in revenue.
"Today I'm sharing some of the most difficult changes we've made in Meta's history. I've decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go."
"We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1," he wrote in a blog.
According to CNBC, the employees will receive 16 weeks of base pay as severance and the company will be paying for their healthcare for six months. Zuckerberg apologised to the workers and said, "I want to take accountability for these decisions and for how we got here”.
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The announcement came amid similar steps taken by Twitter with new owner Elon Musk looking to complete an overhaul of the social media platform. This will be the first budget cut in Facebook’s history and according to experts, it was mainly caused by the failure of the metaverse project.
Apart from the job cuts, Meta has also extended their hiring freeze since March 23 in an attempt to “become a leaner organisation”. The global economy has taken a major hit after the COVID-19 pandemic and that was cited by Zuckerberg while explaining the board’s “tough decisions”.