Meta Confirms it Will Lay Off 11,000 Workers, Sets Payment Method
- Meta, the parent company of Facebook, Instagram, Messenger and WhatsApp, says it will fire some workers
- Mark Zuckerberg sent a message to the workers and said the plan would affect about 11,000 people
- He also said the company will pay a severance package in line with labour laws of the United States
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Mark Zuckerberg, the CEO of Meta Platforms, the parent company of Facebook, Instagram, WhatsApp and Messenger, has confirmed it will lay off about 11,000 of its workers.
Zuckerberg stated on Wednesday that the company would cut 13 per cent of its workforce, about 11,000 employees, as the company continues to witness revenue decline amid stiff competition from TikTok and others.
Source: Getty Images
No more hiring until 2023
Forbes report said the social media giant will extend its hiring freeze through the first three months of 2023 and cut costs to become a more efficient and streamlined company, per Zuckerberg’s restructuring plans.
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The CEO also said that the layoffs would affect the recruiting team, and the business teams would be restructured to reflect new priorities.
The company set said it would pay U.S. workers 16 weeks of base pay plus two additional weeks for every year of service as part of its severance package, as well as cover health insurance for people and families for six months and pay for all remaining paid time off, with “similar” support for those outside the U.S.
He said the company will pay 16 weeks of base pay plus two additional weeks for every year of service, with no cap.
- PTO. We’ll pay for all remaining PTO time.
- RSU vesting. Everyone impacted will receive their November 15, 2022 vesting.
- Health insurance. We’ll cover the cost of healthcare for people and their families for six months.
Career services. We’ll provide three months of career support with an external vendor, including early access to unpublished job leads, Zuckerberg said.
Zuckerberg said those who are on work permits would be assisted to make plans and work through their immigration status, saying the company have immigration specialists who would assist them.
Mark Zuckerberg loses $11 billion in one day, moves to 29th richest person in the World
Legit.ng reported that the shares of his company, Meta, plunged a day after it reported shambolic dismal quarterly profits.
Forbes reported that Meta's stock price plummeted 25 per cent to $97.94 on Thursday, October 27, 2022, the lowest since December 2026.
In the company's third-quarter earnings posted late Wednesday, October 26, 2022, the company reported a 50 per cent decline in profits and revenue, declining by 4 per cent below expectations.
Source: Legit.ng
