ZUCKERBERG STAFF FOCUS PRODUCTS META STOCK PLUS
workers who were cut will also get 16 weeks of their base salary as severance, plus two weeks for every year they worked at the company. In a particularly chaotic round of dismissals, Twitter cut roughly half of its workforce last week with many employees finding out they’d lost their jobs when they were suddenly cut off from Slack or email.Īt Meta, employees will continue to have access to their emails so that they can say goodbye to colleagues, though they’ve been cut off from more sensitive corporate systems, Zuckerberg said. Snap Inc., parent of rival app Snapchat, is also scaling back, saying in August that it would eliminate 20% of its workforce. on Tuesday said it cut hundreds of workers from sales teams, while Apple Inc., Inc.
Meta is joining a spate of technology companies that have announced job cuts in recent weeks or said they planned to pause hiring. “But the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than expected. Zuckerberg said in the statement that he’d anticipated that the surge in e-commerce and web traffic from the beginning of the COVID-19 lockdowns would be part of a permanent acceleration. The retrenchment, the company’s most drastic since the founding of Facebook in 2004, reflects a sharp slowdown in the digital advertising market, an economy wobbling on the brink of recession and Zuckerberg’s multibillion-dollar investment in a speculative virtual-reality push called the metaverse. Meta, whose stock had plunged 71% this year through Tuesday, is taking steps to pare costs following several quarters of disappointing earnings and a slide in revenue. Managers found out which of their reports were to be laid off Wednesday morning, the message said.Ī Meta spokesman declined to comment on the message. Meta told employees that decisions about who would be impacted were made “at the highest leadership levels” and that direct managers weren’t involved in the eliminations, according to a message to remaining employees viewed by Bloomberg. Zuckerberg said that while reductions will happen across the company, the recruiting team will be disproportionately affected and business teams would be restructured “more substantially.” Meta will also reduce its real estate footprint, review infrastructure spending and transition some employees to desk sharing, with more cost-cutting announcements expected in the coming months.
“I know this is tough for everyone, and I’m especially sorry to those impacted.” “I want to take accountability for these decisions and for how we got here,” Zuckerberg said in the statement that was sent to Meta employees and posted on the company’s website. The company, which owns Facebook and Instagram, will also extend its hiring freeze through the first quarter. Zuckerberg then addressed employees, asking them to thank those who lost their jobs, and noting that employees outside North America will face uncertainty while the company sorts out who is affected, according to people familiar with the matter. The reductions, equal to about 13% of the workforce, were disclosed Wednesday in a statement. Chief Executive Officer Mark Zuckerberg said the company will cut more than 11,000 jobs, calling himself responsible for the first major round of layoffs in the social media giant’s history.
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