Working at Meta (ex-Facebook) is a dream job for many. But it won’t be anymore, at least for 11 thousand people. The famous company announced mass layoffs through the voice of CEO Mark Zuckerberg, and 11 thousand employees were fired.
The huge number of people who remained jobless represented an outstanding 13 percent of the tech giant’s workforce. In a letter issued to employees on Wednesday, Zuckerberg made his decision clear:
Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,
I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.
It seems that Meta is dealing with some concerning financial issues, which is what probably led to Zuckerberg’s decision. There are rising costs and expenses. These have increased 19% year over year during the third quarter to $22.1 billion. The operating income of the company has also decreased by almost 50% from the last year, resulting in $5.66 billion.
Zuckerberg also seems sorry for having to make the harsh decision, as he also wrote in the letter:
I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted.
If you’re aiming to get hired at Meta, it would probably be better for you to look for another job in some other field. The company still plans to hire in 2023, but it will recruit fewer people than before.
The employees who will have to leave Meta will still have their health insurance covered for an additional six months. They will also be paid for an extra six weeks, as well as for two additional weeks for each year of service.