According to the Wall Street Journal reports Mark Zuckerberg-led Meta begins layoffs on Wednesday morning which will affect thousands of employees.
According to reports, Meta’s head of human resources, Lori Goler, said “Employees who lose their jobs will be provided with at least four months of salary as severance, the WSJ reported, citing people familiar with the matter.”
Chief Executive Mark Zuckerberg told hundreds of executives on Tuesday and said that he was accountable for the company’s downturn. He also said that he was accountable for the company’s missteps and that his overoptimism about growth had led to overstaffing, the report added.
As of September 30, The company employs nearly 87,300 employees worldwide across its different platforms. Meta currently owns some of the biggest platforms social media sites Facebook and Instagram as well as messaging platform Whatsapp.
“In 2023, we’re going to focus our investments on a small number of high-priority growth areas. So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year”, Mark Zuckerberg added.
Mark Zuckerberg further said, “In aggregate, we expect to end 2023 as either roughly the same size or even a slightly smaller organization than we are today.”
A general internal announcement of the company’s layoff plans is expected around 6 a.m. Eastern time on Wednesday, with the specific employees losing their jobs informed over the course of the morning.
Most Recently, Twitter laid off thousands of its employees across the globe. The company also laid off over 80 percent of its employees in India.
On the other hand, IT majors, like Intel Corporation, Snap, Microsoft, TikTok, and Google have either laid off employees or frozen new hiring.