Facebook parent company Meta laying off 13% of employees

News Summary

  • But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go.”A hiring freeze at the company will be extended through the first quarter of 2023, Zuckerberg said.
  • Access to most company systems will be cut off for people losing their jobs, he said, due to the sensitive nature of that information.“We’re keeping email addresses active throughout the day so everyone can say farewell,” Zuckerberg said.
  • The company has also slashed its real estate footprint and he said that with so many employees working outside of the office, the company will transition to desk sharing for those that remain.
  • Former employees will receive 16 weeks of base pay, plus two additional weeks for every year with the company, Zuckerberg said.
  • I got this wrong, and I take responsibility for that.”Meta, like other social media companies, enjoyed a financial boost during the pandemic lockdown era because more people stayed home and scrolled on their phones and computers.
  • There’s also the challenge of Apple’s privacy tools, which make it more difficult for social media platforms like Facebook, Instagram and Snap to track people without their consent and target ads to them.
By BARBARA ORTUTAY AP Technology WriterFacebook parent Meta is laying off 11,000 people, about 13% of its workforce, as it contends with faltering revenue and broader tech industry woes, CEO Mark [+3378 chars]