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Meta fires 11,000 employees, 13% of the workforce

Mass layoffs begin today in Meta: CEO Mark Zuckerberg announced this during a meeting with a large number (“hundreds”) of executives and managers, according to reports from The Wall Street Journal. The main details that appeared is that Persons who have been dismissed will receive four months’ salary as end-of-service compensation: To say it’s Laurie Guler, head of human resources.

The exact number of people involved is not yet clear, but it is believed The order of size will be in the thousands. For reference, the latest official data shared by Meta talks about a staff of about 87,000. Those who attended the meeting described a somewhat frustrated Zuckerberg. He said he took responsibility for these layoffs because he was too optimistic about the growth and authorized the hiring of too many people. Now, in this delicate international economic scenario, it is necessary to intervene to keep the accounts in order.







economy and market
November 07


As we know is a A bit sensitive period to the dead: The last two quarterly reports were not positive, and the value of the shares declined significantly compared to the strongest period. As the company name change indicates, Zuckerberg and his team are betting everything on the metaverse, which at the moment requires huge investments in research and development and almost zero returns. In other words: It’s a company right now in deep red, and the stock market is bound to react negatively.

Overall, the Meta action (already announced in recent weeks) part of 2022 is rather complicated for the tech sector. Practically all the big giants have expelled huge numbers of people, after massive recruitment operations in the period of the pandemic; A few days ago we reported that Elon Musk, the new owner of Twitter, has decided to leave nearly four thousand people at home.

Update: information on licenses provided by ZUCKERBERG

13:20

Mark Zuckerberg posted a message on the official Meta website targeting employees. We learn that the workforce will be 11,000 units, equivalent to 13% of the totaland that the hiring ban will also continue into the first quarter of 2023. The reduction relates to all applications belonging to Meta and Reality Labs.

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