Goalthe parent company of Facebookannounced this Wednesday that will lay off 11,000 employeesthat is, a 13% of their workforce. This will be the biggest layoff in the history of the social media giant.
“Today I’m sharing some of the toughest changes we’ve made in Meta’s history,” CEO Mark Zuckerberg wrote in a statement on the company’s blog. “I have decided to reduce the size of our team by approximately 13% and let go of more than 11,000 of our talented employees.”
However, Zuckerberg also said that he believed Meta was “deeply underrated as a company today,” adding: “We do historically important work. I am confident that if we work efficiently, we will come out of this recession stronger and stronger.”
Why Meta will fire 11 thousand people
This decision comes at a time when Meta faces an uncertain future as its stake in the metaverse has failed to deliver substantial dividends so far, as well as Facebook losing popularity to platforms like TikTok.
According to CNN estimates, in September Meta had a workforce of more than 87 thousand employees. According to Zuckerberg, the company will pay 16 weeks of base salary plus an additional two weeks for each year of service, with no cap, to departing employees.
Meta is not the only company that is reducing its payroll. The technology sector in the United States or Big Tech has made massive staff cuts to react to high inflation and fears of an impending recession.
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.