Facebook's parent company Meta fired more than 11,000 people, Zuckerberg apologizes

Meta Layoffs: Meta Platforms Inc., the parent company of social media platform Facebook, has laid off more than 11,000 employees. New recruitments have already been banned. Mark Zuckerberg, CEO of Meta said, “I take responsibility for how we got here. I know it's hard for everyone, and I'm sorry for those affected."

4 months salary

According to the WSJ report, the employees of META who will be shown the way out of the company will be given a salary of 4 months. According to the company's human resource head Laurie Goler, the fired employees will be given 4 months salary as compensation.

Why the need for layoffs?

Meta's portfolio includes major products such as Facebook, Instagram, and WhatsApp. But due to more investment on its Metaverse business, the financial condition of the company turned sour. Invested a lot, but did not get the return, then the situation started getting worse. In such a situation, taking the decision of cost cutting in your overall business on Meta is one of the quick steps.

Mark Zuckerberg announced

Mark Zuckerberg, META's chief executive, said in a blog post, "Today I share some of the most difficult decisions we've made in META history. I have decided to reduce my team by about 13 per cent and go for over 11000 talented employees.

Zuckerberg further said, 'We are also taking some additional decisions to become a better and more capable company than before, to cut additional expenses and to extend the recruitment ban for the time being.'

Meta has said that the employees who are being fired will get 16 weeks of basic salary. Apart from this, according to the number of years in which you have worked, you will also get an additional two weeks salary every year. That is, if someone has worked for 10 years, then he will be given a salary of 16+ 20 weeks.

Let us tell you that Facebook was started in 2004 and this is the first time that the company has taken such action for the first time due to cost reduction. The company has seen a tremendous reduction in digital advertising revenue.

So far more than 60 thousand jobs have been lost

In a report by Crunchbase, it has been estimated that about 52,000 technology experts will be lost by American companies so far in 2022. If today's firing is also counted, then this figure will be more than 63 thousand.

Today in addition to Meta, Twitter, Stripe, Salesforce, Lyft, Spotify, Peloton, Netflix, Robinhood, Instacart, There have been massive layoffs at Udacity, Booking.com, Zillow, Loom, Beyond Meat and many others.