- Following Twitter’s big layoffs, Meta has done the same.
- Mark Zuckerberg has issued an apology to anyone who has been impacted.
It has just come to light that 11,000 people, or around 13% of Meta’s staff, would be impacted by the decision. Mark Zuckerberg, CEO of Meta, made the news on the official blog. The crypto market is in disarray, and the IT sector has its own issues. Following Twitter’s big layoffs, Meta has done the same.
The global IT industry counts Meta as one of its largest players. However, similar to the economy as a whole, the firm has not been profitable. Aiming to become “leaner and more efficient,” the corporation has begun laying off employees. Facebook CEO Mark Zuckerberg has issued an apology to anyone who has been impacted.
Focusing on High Potential Sectors
Problems, as Zuckerberg sees it, all started with COVID. Facebook founder Mark Zuckerberg significantly increased spending in light of the rising popularity of online shopping and other digital services. The hope that the surge would continue after the epidemic was the driving factor for this choice.
Moreover, according to Zuckerberg, the company will be concentrating on a small number of high-potential expansion sectors, like advertising, artificial intelligence, and the metaverse.
Each laid-off worker will get 16 weeks of basic salary plus two extra weeks for every year of service, with no cap. The firm will also “provide three months of career support with an external vendor, including early access to unpublished job leads.”
Meta has spent $9.4 billion in developing its metaverse technology as of 2022, and it plans to spend much more in the years to come.
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