Highlights
- The company is likely to lay off thousands of employees from Wednesday
- The laid-off employees to get at least four months' salary
- Mark Zuckerberg claimed responsibility for the company's missteps
Facebook employees lay off: Addressing hundreds of executives, Meta Chief Executive Mark Zuckerberg confirmed about laying off employees on Wednesday. This comes days after thousands of Twitter employees were terminated after Elon Musk took over the micro-blogging site.
In the meeting on Tuesday, November 8, Zuckerberg had a gloomy expression and claimed responsibility for the company's missteps.
According to the people in the meeting, his exaggerated optimism about development had resulted in overstaffing, ANI reported citing The Wall Street Journal (WSJ).
Biggest layoff in the tech industry this year: Reports
According to reports, the company is anticipated to lay off thousands of employees from Wednesday. This could also likely be the biggest layoff in the tech industry this year.
The report further stated that laid-off workers will receive at least four months' salary. Zuckerberg stated that employees from business and recruiting departments are among those who will be laid off. A general internal announcement of the company's layoff plans is also expected on Wednesday.
After the meeting, company directors in many divisions of the corporation started informing their employees about layoffs and reorganisations.
According to reports, employees at Meta have spent days asking for details about the impending layoffs and preparing for the worst by forming external groups with current coworkers.
The company to focus on investments in 2023: Zuckerberg
Earlier in June, Meta's chief product officer Chris Cox cautioned employees of "serious times", saying that the employees must "perform flawlessly in an environment of slower growth".
During the company's earnings call in October, Zuckerberg stated, "In 2023, we're going to focus our investments on a small number of high-priority growth areas."
(With inputs from agencies)
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