CEO Mark Zuckerberg says more cost-cutting measures are ahead.
Facebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark Zuckerberg said in a letter to employees Wednesday.Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg said the company will cut more than 11,000 jobs in the first major round of layoffs in the social media giant’s history.
The company said that while reductions will happen across the company, its recruiting team will be disproportionately affected and its business teams would be restructured “more substantially.” Meta will also reduce its real estate footprint, review its infrastructure spending and transition some employees to desk sharing, with more cost-cutting announcements expected in the coming months.
At Meta, employees will continue to have access to their emails so that they can say goodbye to colleagues, though they’ve been cut off from more sensitive corporate systems, Zuckerberg said. US workers who were cut will also get 16 weeks of their base salary as severance, plus two weeks for every year they worked at the company. The company is also offering six months of health-care coverage as well as career services and immigration support.
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