Laying off 11,000 Meta employees and Zuckerberg taking full responsibility

Laying off 11,000 Meta employees and Zuckerberg taking full responsibility

mark Zuckerberg Recently, he confirmed that the company under his leadership, Meta, is going to lay off 13% of its employees, which includes 11,000 people, and in this regard, Zuckerberg has also taken responsibility for the actions of the company under his management. In a letter to employees, Zuckerberg announced the tough decisions and changes to be made at Meta, and he went on to talk about additional steps Meta is taking to become a more efficient and lean company.

Zuckerberg has also announced the suspension of new hires in the first quarter of the fiscal year and reduction of other expenses. Zuckerberg also stated that he takes responsibility for these decisions and the way the company was run up to this point, and expressed regret for the people who were fired or affected by his actions.

500 billion dollar depreciation of Meta shares in the last 12 months

The value of Meta company has decreased by about 500 billion dollars in the last 12 months, and the net income of the third quarter of this company has also decreased by 52% to 4.4 billion dollars, which is a very disappointing statistic. In this regard, investors have expressed concern about Meta’s performance, while this company has made many investments in the Metaverse sector, none of which have brought significant success to this social networking giant.

Dismissal of Meta employees

A large number of technology companies are facing the global recession, declining revenue and inflation, and in the meantime, they are forced to lay off their employees, and Meta’s action is just one of the number of retrenchments by these companies. In this regard, companies such as Microsoft, Snap, Tesla, Robinhood and Twitter can be given as examples.

However, Meta will pay its laid-off employees in the United States 16 weeks of severance pay and two weeks of additional pay for each year of service. The company also covers their health insurance for six months and provides employment services, paid leave and immigration support for visa-holders. Zuckerberg also claimed that the system access of the fired employees will be immediately cut off due to the sensitivity of the company’s data.

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