More than 11,000 Meta employees, 13% of their workforce, are losing their jobs after the company announced mass layoffs on November 8. Mark Zuckerberg, the company’s founder and CEO, apologized to the staff and stated that the layoffs were a “last resort. ” I made a mistake here, and I accept responsibility for that, he said to the staff. After investing billions of dollars in its metaverse projects in recent years, Meta has struggled over the past year as this business section’s revenue not only hasn’t improved but also continued to lose money. The share price of Meta has decreased by nearly 70% after its rebranding from Facebook to Meta in October 2021. The layoffs at Meta came after Twitter cut its workforce in half, Stripe reduced its workforce by 14%, and Lyft fired close to 700 employees. Zuckerberg pledged in his memo to enhance clarity and effective communication: “There is no good way to do a layoff, but we hope to get all the relevant information to you as quickly as possible and then do whatever we can to support you through this.” “Everyone will get an email soon letting you know what this layoff means for you. After that, every affected employee will have the opportunity to speak with someone to get their questions answered and join information sessions.” In order for everyone to say farewell, Zuckerberg also informed the staff that they would still have access to their email during the day. In his Memo, Mark also outlines the severance package committed to the laid-off staff. Accordingly, Meta will pay US employees 16 weeks of base salary in addition to 2 weeks for every year of service, with no limit.
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