Meta, in a blog post, on Wednesday shared that it will be firing 13% of its workforce around 11,000 employees. The company also shared that it will be extending the hiring freeze through Q1 of 2023.
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In a direct message to employees, Meta CEO Mark Zuckerberg while apologising said that staff reductions will be made across the company’s family of apps and Reality Labs. He also shared that Meta will be shrinking its real-estate footprint by transitioning to desk sharing for employees and will be introducing more cost-cutting changes in the coming months.
In a post titled ”Mark Zuckerberg’s message to Meta employees”, the company shared that the decision to downsize came due to a macroeconomic downturn, increased competition and ads signal loss.
“This is not a reflection of the great work these groups have done,” Zuckerberg shared in the post.
The company also shared that it will be paying out 16 weeks of base pay and two additional weeks of pay for every year of service.
Meta will also provide immigration support, health insurance for six months, and career services to ex-employees.
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The cuts come at a time when Zuckerberg has come under increasing pressure from investors to cut spending. Meta will be focusing on growth areas like AI discovery engine, ads and business platforms, the company shared in the post.
