New Delhi: Facebook’s parent company Meta has announced today that it is laying off 11,000 of its employees. This decision has been taken after a huge cut in income so that costs can be reduced.
This big layoff is being done after Elon Musk reduced jobs in Twitter and Microsoft.
Mark Zuckerberg said in a blog post today, “I am going to announce the most difficult changes in the history of Meta today. I have decided to reduce the size of my team by 13 per cent, due to which I will have to let go of my 11,000 talented employees.
Zuckerberg further said, “We will reduce our expenses to become a more capable company to further reduce the size of the company and there will be no new people being recruited in the first quarter of the next financial year.”
Mark Zuckerberg took responsibility for this decision and apologized to meta employees. “I want to take responsibility for these decisions and also for us to reach out. I know it’s difficult for everyone. And I especially apologize to those affected.”
Zuckerberg said, “I had expected the growth in e-commerce and web traffic to remain stable during the Covid lockdown, but there was a massive economic impact, competition increased and due to this our earnings were much lower than expected. I made a mistake about it.”
Mark Zuckerberg said in his message, “We will give a basic salary of 16 weeks and two additional weeks will be added to their service every year. On which there will be no upper limit.”
He also said that the company will pay the entire remaining PTO (paid time off) amount and will bear the health expenses of the employees and their families for the next six months.