The mother body of Facebook, Instagram and WhatsApp,very well known as Meta has openly sounded that it will cut 13% of its workforce.
It was calculated that the first mass lay-offs in the firm’s history will result in 11,000 employees, from a worldwide headcount of 87,000, staff losing their jobs.
BBC News reported that the Chief E xecutive Officer of Meta, Mark Zuckerberg, said the cuts were “the most difficult changes we’ve made in Meta’s history”.
He disclosed this move to hundreds of Meta executives on Tuesday. This unprecedented development comes after major lay-offs at Twitter, which cut about half its staff, and other tech firms.
“I know this is tough for everyone, and I’m especially sorry to those impacted,” he wrote in a statement.
Mark Zuckerberg blamed massive long-term expectations for growth based on the firm’s rise in revenue during the pandemic.
“Many people predicted this would be a permanent acceleration,” he wrote, “I did too, so I made the decision to significantly increase our investments.”
Instead he said “macroeconomic downturn” and “increased competition” caused revenue to be much lower than expected
“I got this wrong, and I take responsibility for that,” he said.
The announcement of job cuts was widely expected.
Mr Zuckerberg said the company would focus on high-priority growth areas, like artificial intelligence, advertising, and “our long-term vision for the metaverse”.
Meta will also cut costs elsewhere – including reducing its spending on buildings and offices, and increasing desk-sharing.
US employees will receive redundancy payments worth 16 weeks pay plus a week for every year worked. Additional benefits will also include continuing to provide family health insurance for six months.
