Meta To Lay Off Over 11,000 Employees

Meta chief Mark Zuckerberg on Wednesday said that around 13 per cent, or more than 11,000 employees of his company, would have to leave. The layoff on such a large scale in Meta is taking place for the first time in the company's history. 

"There is no good way to do a layoff, but we hope to get all the relevant information to you as quickly as possible and then do whatever we can to support you through this," Zuckerberg wrote in a blog post.

Zuckerberg said that his company needs to become more capital efficient and emphasise an AI discovery engine, ads and business platforms, and its metaverse project.

"I got this wrong, and I take responsibility for that," he said. 

For sacked employees, Meta has promised to provide six weeks of base pay plus two additional weeks for every year of service as a part of the severance package and all remaining paid time off. 

Apart from these, those employees will get the cost of healthcare for six months, and those impacted will receive their November 15 vesting, according to the company.

"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," said Zuckerberg.