Meta Platforms Inc. has been reportedly planning to begin a major job cut starting today itself. As per the people who are familiar with the concern and are a part of the plan to reduce the workforce to cut the cost of the company. The action has been taken by the company post witnessing that the social-media giant is witnessing continuous disappointing earnings along with a major drop in revenue.
In an official blog, Mark Zuckerberg- Meta's Chief Executive stated, "Today I'm sharing some of the most difficult changes we've made in Meta's history. I've decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go,".
He further added, "We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”
The staff reductions are Meta’s first major budget cut since the inception of the company Facebook in 2004. The company has shown a sharp slowing down process under the digital advertising revenue, an economy jiggling on the edge of the recession and Mark’s major investment in a speculative virtual-reality push called the metaverse.
The company has stated that the employees who will be laid off will get 16 weeks of base pay salary along with two additional weeks for each year of service provided to the social media platfrom.
