Meta confirms 11,000 layoffs, amounting to 13% of its workforce

Facebook, Instagram, and WhatsApp’s parent company Meta has confirmed a huge round of layoffs, amounting to 13% of its workforce.

“I want to take accountability for these decisions and for how we got here,” CEO and cofounder Mark Zuckerberg wrote in a statement. “I know this is tough for everyone, and I’m especially sorry to those impacted.”

The news comes as companies across the technological spectrum have announced huge swathes of redundancies in recent weeks, with Twitter laying off some half of its 7,500 workforce in the wake of Elon Musk’s arrival at the helm, while Stripe last week revealed plans to cut its headcount by 14%, or 1,120 employees.

Meta’s round of layoffs was widely rumored and expected, but we now know the full extent of the company’s plans, and what this will mean for those impacted.

Meta’s headcount equates to around 87,000, meaning that 11,000 people will be leaving Meta globally. According to Zuckerberg, each employee will receive 16 weeks of severance pay, plus two extra weeks for each year of service. So for example, someone who has worked at Meta for four years will effectively get six months pay.

On top of that, workers will also be paid for all remaining unused time off, any outstanding restricted stock that was vesting.

 

This is a breaking story, refresh for updates

 

 

Meta confirms 11,000 layoffs, amounting to 13% of its workforce by Paul Sawers originally published on TechCrunch

from TechCrunch https://ift.tt/3FE128s