Over 11,000 Meta employees will be unemployed

Adyrna.kz Telegram

Meta company will lay off 13% of its employees or more than 11 thousand people, adyrna.kz reports with reference to a published letter from the company's CEO Mark Zuckerberg.

"Today I am announcing one of the most difficult decisions in Meta's history. I have decided to cut our team by approximately 13% and lay off over 11,000 of our talented employees. We will also take additional steps to become a leaner and more efficient company by cutting costs and extending moratorium on hiring," Zuckerberg said.

He explained that the current situation in the company was the result of decisions taken during the pandemic. In particular, according to him, then there was an increase in the volume of e-commerce and, accordingly, an increase in the income of market participants. There were expectations that such growth would continue after the end of the pandemic. Therefore, the head of Meta noted, he decided to significantly increase the amount of investment, but, unfortunately, online trading has returned to pre-pandemic levels, there is a recession in the economy, competition is increasing and advertising is being reduced.

"Our revenues turned out to be much lower than I expected. I was wrong and take responsibility for this," - said the head of Meta.

Employees who have been made redundant are promised compensation equal to four months' salary plus two additional weeks' wages for each year of service with the company. Medical insurance for them will be valid for another six months.

In September 2022, Meta had 87,000 employees.