Zuckerberg Reveals Meta Is Laying Off 11,000 People
(RepublicanPress.org) – With all their presumed power and autonomy, some of the nation’s Big Tech companies have apparently been downsizing. For example, billionaire Elon Musk recently acquired Twitter and promptly laid off thousands of workers, constituting roughly half the platform’s staff. Likewise, Facebook’s parent company Meta Platforms Inc., recently announced it was reducing its workforce by 11,000 employees.
On November 9, Meta head Mark Zuckerberg issued a statement discussing why he “decided to reduce… [his] team by about 13%.” According to Zuckerberg, he miscalculated the longevity of increased traffic and e-commerce sales due to COVID-related lockdowns.
Zuckerberg explained how he thought the surge would last and increased his investment in personnel and other mechanisms to meet the accelerated traffic. “Unfortunately,” things didn’t “play out the way I expected,” he stated.
#BREAKING: Mark Zuckerberg Confirms 11,000 Meta Job Cuts
"Today I’m sharing some of the most difficult changes we’ve made in Meta’s history. I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go" https://t.co/qFuPBchMHW
— Matt Navarra (@MattNavarra) November 9, 2022
Making matters worse, when user engagement returned to previous levels, increased competition, and the nation’s “macroeconomic downturn” (i.e., inflation) triggered reduced advertising revenue, it forced the need to reduce operating costs.
Turning his attention to workers, Zuckerberg advised them the company would send out an email discussing the terms of their release. For US-based workers, the company is offering sixteen weeks of severance pay plus an additional two weeks for each year of service. It’s also offering other support, including immigration support for employees working under work visas six months of insurance coverage, career services support, six months of insurance coverage, and more.
What do you think of Zuckerberg’s announcement? Would other Big Tech companies like Alphabet (Google’s parent company), Apple, and Microsoft follow suit?
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