A man stands in front of a sign on Meta, the new name of the company, formerly known as Facebook, headquartered in Menlo Park, California, U.S. is in October 28, 2021.
• META will lay off 13 percent of its workforce
Facebook parent Meta Platforms Inc. announced Wednesday that it will lay off 13 percent of its workforce, or more than 11,000 employees, as part of a plan to reduce costs on the social-media platform.
Meta took the decision as part of a cost-cutting plan following disappointing earnings, rising costs and a weak advertising market.
“I want to take accountability for these decisions and for how we got here. I know this is difficult for everyone, and I am especially sorry for those affected," Chief Executive Officer Mark Zuckerberg said in a statement.
In its statement, Meta said it would pay 16 weeks of basic pay plus two additional weeks for every year of service as a part of the severance package and all remaining paid time off.
According to the company, employees will get health care costs for six months and those affected will get their November 15 vesting amount.
Here is its list:
- severance. We will pay 16 weeks of basic pay plus two additional weeks for each year of service without limitation.
- PTO. We will pay for all remaining PTO time.
- RSU rooted. All those affected will get their vested rights as of November 15, 2022.
- health insurance. We will cover health care costs for people and their families for six months.
- Career Services. We will provide three months of career support with an outside vendor, including early access to unpublished job leads.
- Immigration support. I know it's especially difficult if you're here on a visa. There is a notice period and some visa grace periods before expiration, which means everyone will have time to plan and work through their immigration status. We have dedicated immigration experts to help guide you through what you and your family need.
The widespread job cuts, for the first time in Meta's 18-year history, follow thousands of layoffs at Elon Musk-owned Twitter and other tech giants including Microsoft Corp.
“Not only has online commerce returned to earlier trends, but the macroeconomic slowdown, increased competition and advertising signal losses have reduced our revenues much less than I expected. I got it wrong, and I take responsibility for that, Zuckerberg said.
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