Meta has laid off 11,000 workers.
Zuckerberg told executives in a meeting on Tuesday that broad cuts of 11,000 jobs would be announced, with recruiting and business teams to face major losses.
In the message, Zuckerberg explained that the company had over-invested at the start of COVID-19, betting that the increase in online activity would continue after the pandemic.“Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected.
Meta says it will pay 16 weeks of base salary plus two additional weeks’ pay for every year of service as part of its severance packages, and all remaining paid time off. Employees will also get the cost of healthcare for six months and those affected will receive their 15 November vesting. Meta reported more than 87,000 employees at the end of September. The job cuts are set to be one of the biggest layoffs of the year.after it reported another quarter of declining revenues. Meta’s shares have fallen by almost two-thirds this year amid heightened concern about the company’s prospects.
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