[ad_1]
Meta, the owner of Facebook and Instagram, has revealed that 13% of its workforce is being laid off – becoming the latest major tech player to take the ax in a tough global economy.
The firm announced Wednesday that it will cut its global workforce of more than 11,000 workers as part of an industry-wide restructuring aimed at reducing costs.
Meta employees were informed of their concerns via email.
Those based in the US will receive six weeks’ pay, plus an additional two weeks’ pay for each year of service.
The requirements will be the same elsewhere, the company said, although it is unclear whether UK operations have been affected. Meta has its European HQ in Ireland.
Founder and CEO Mark Zuckerberg told employees in an internal email that he wants “to be held accountable for these decisions and how we got here.”
He said, according to the Wall Street Journal on Tuesday night, that he has taken responsibility for the need to cut jobs because of his own “extreme” plans for growth.
Zuckerberg responded to calls from major shareholders to cut costs after two consecutive quarters of declining earnings.
Some are due to declining ad sales across its platforms.
But investors are also concerned about Meta’s heavy spending on its virtual and augmented reality division called Reality Labs.
They have questioned Zuckerberg’s vision – with shares down 71% year-to-date – as it remains unclear whether demand for the site is too high.
Job cuts are the latest among major tech players.
Twitter under the leadership of Elon Musk is known to have cut its workforce by nearly half last week Microsoft is said to have laid off 1,000 workers in October.
[ad_2]
Source link