11,000 People Across WhatsApp, FB And 90 Other Meta Firms To Get Fired

Social media giant Meta, that owns WhatsApp, Facebook, Instagram and other companies have announced a massive round of layoffs. Meta will fire 11,000 employees this year. This is the biggest job cut in the history of Facebook and Mark Zuckerberg penned a long letter to employees while announcing the same.

What will affected Meta employees in the U.S. get as compensation?



1) Severance. We will pay 16 weeks of base pay plus two additional weeks for every year of service, with no cap.

2) PTO. We’ll pay for all remaining PTO time.

3) RSU vesting. Everyone impacted will receive their November 15, 2022 vesting.

4) Health insurance. We’ll cover the cost of healthcare for people and their families for six months.

5) Career services. We’ll provide three months of career support with an external vendor, including early access to unpublished job leads.

6) Immigration support. I know this is especially difficult if you’re here on a visa. There’s a notice period before termination and some visa grace periods, which means everyone will have time to make plans and work through their immigration status. We have dedicated immigration specialists to help guide you based on what you and your family need.

Outside the US, support will be similar, and we’ll follow up soon with separate processes that take into account local employment laws.

Why is Meta firing 11,000 employees?

This is what Mark Zuckerberg has to say:

At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. Unfortunately, this did not play out the way I expected. 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. I got this wrong, and I take responsibility for that.

In this new environment, we need to become more capital efficient. We’ve shifted more of our resources onto a smaller number of high priority growth areas — like our AI discovery engine, our ads and business platforms, and our long-term vision for the metaverse. We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint. We’re restructuring teams to increase our efficiency. But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go.

#facebook #FBlayoffs #markzuckerberg | n18oc_tech

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