USA, Nov 10, 2022: Meta Platforms Inc has said that it will lay off 13% of its workforce, or more than 11,000 employees, in one of the biggest tech layoffs this year.
As Facebook’s parent organization aims to keep up with soaring costs and a weak advertising market, it is expected to follow the layoffs trend that has been started by major tech companies including Twitter and Microsoft Corp.
In a message addressing his employees, META chief Zuckerberg said: “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.”
He further added: I got this wrong, and I take responsibility for that.
Meta stated it would pay 16 weeks of base pay along with two additional weeks for every year of service as a part of the severance package and all remaining paid time off. Employees will get cost of healthcare for six months and those impacted will receive their Nov. 15 vesting, as per the tech company.
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