Meta will lay off more than 11,000 employees, CEO Mark Zuckerberg told workers in a message on Wednesday.
The layoffs will reduce the company’s workforce by about 13%, according to Meta, the parent company of Facebook, Instagram and WhatsApp.
“I want to take accountability for these decisions and for how we got here,” Zuckerberg told employees. “I know this is tough for everyone, and I’m especially sorry to those impacted.”
Zuckerberg said the development follows his decision to “significantly increase our investments” at the start of the pandemic. He told employees he made that decision based on the belief that e-commerce would continue to grow and provide a strong source of revenue post-pandemic — a prediction that turned out to be wrong, he said.
“Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected,” he said. “I got this wrong, and I take responsibility for that.”
Affected employees in the U.S. will receive 16 weeks of severance pay plus two additional weeks for every years they’ve been at the company; payment for their remaining paid time off; six months of health insurance; and immigration support for people on visas, he said.
Outside the U.S., support will be similar, Zuckerberg said, adding that the company will “follow up soon with separate processes that take into account local employment laws.”
This is a developing story. Please check back for updates.
Source: | This article originally belongs to Nbcnews.com
