Meta Layoffs: Meta Platforms Inc. has laid off more than 11,000 employees. Mark Zuckerberg said, “I take responsibility for how we got here. I know it’s hard for everyone, and I’m sorry for those affected.”
New Delhi. The parent company of social media platform Facebook, Meta Platforms Inc. has laid off more than 11,000 employees. New recruitments have already been banned. Mark Zuckerberg had asked him to be ready for layoffs in a meeting with his executives only yesterday.
Mark Zuckerberg, CEO of Meta said, “I take responsibility for how we got here. I know it’s hard for everyone, and I’m sorry for those affected.”
According to the report of WSJ, the employees of META who will be shown the way out of the company will be given 4 months salary . According to the company’s human resource head Laurie Goler, the fired employees will be given 4 months salary as compensation.
These are the biggest layoffs in the company’s 18-year history, which started in 2004. This decision has been taken due to the poor financial condition of the company and poor quarterly results.
Why the need for layoffs?
Meta’s portfolio includes major products such as Facebook, Instagram, and WhatsApp. But due to more investment on its Metaverse business, the financial condition of the company turned sour. Invested a lot, but did not get the return, then the situation started getting worse. In such a situation, taking the decision of cost cutting in your overall business on Meta is one of the quick steps.
So far more than 60 thousand jobs have been lost
In a report by Crunchbase, it has been estimated that about 52,000 technology experts will be lost by American companies so far in 2022. If today’s firing is also counted, then this figure will be more than 63 thousand.
Today in addition to Meta, Twitter, Stripe, Salesforce, Lyft, Spotify, Peloton, Netflix, Robinhood, Instacart, There have been massive layoffs at Udacity, Booking.com, Zillow, Loom, Beyond Meat and many others.
