Layoffs at Meta will begin this Wednesday morning, Nov. 9, company CEO Mark Zuckerberg told hundreds of executives gathered a day earlier in Cupertino.
The number of dismissals was not confirmed, but The Wall Street Journal says that it is speculated that there will be “many thousands” and that they may be the largest in the global technology sector.
In the past week, Twitterof Elon Musk, laid off 3,700 employees worldwide, almost half of its workforce.
According to the WSJ, Zuckerberg appeared dejected at Tuesday’s meeting, saying he was responsible for the company’s mistakes and that his optimism about growth had led to excessive staffing.
According to the person in charge of Human Resources of Meta, Lori Goler, the workers who are dismissed will receive at least four months of salary as a form of compensation.
Mark Zuckerberg’s Meta Announces Mass Layoffs
Zuckerberg discussed the layoffs in detail at the meeting, saying the hardest hit will be the recruiting and business teams.
As published by the US media, a general internal announcement of the Meta (Facebook) layoff program is expected to be made around 6 AM, United States Eastern time, this Wednesday, November 9. Punctual employees will then be informed.
Following the meeting, according to the WSJ, company directors in the vast majority of Meta’s departments began the process of notifying their subordinates.
Meta said it had 87,000 employees at the end of September, in its latest financial report.
In parallel, the heads of the various sections had already informed employees that they were going to cancel all non-essential business trips.
The mass layoffs at Meta will be the first in the 18-year history of the social media company that encompasses brands like Facebook, Instagram, Oculus and WhatsApp.
The company focused on commercial software Salesforce it also began a process of massive dismissals this week. Although the amount has not been confirmed, there is talk of “several hundred”.
Shares of Meta have fallen more than 70 percent so far in 2022, amid unchecked deterioration in macroeconomic variables but also because of hefty spending on new developments in the Metaverse that is out of line with its revenues.
The growth of the advertising business on social networks has stagnated at the same time that the presence of a careful rival has grown: TikTok.
Apple’s decision to change the terms on which users agree or opt out of activity tracking has also reduced the ability of social media platforms to target ads.
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Zuckerberg confirms mass layoffs at Meta and says he is responsible