The following is an excerpt from Associated Press.
Facebook 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 Zuckerberg said in a letter to employees Wednesday.
The job cuts come just a week after widespread layoffs at Twitter under its new owner, billionaire Elon Musk. There have been numerous job cuts at other tech companies that hired rapidly during the pandemic.
Zuckerberg as well said that he had made the decision to hire aggressively, anticipating rapid growth even after the pandemic ended.
“Unfortunately, this did not play out the way I expected,” Zuckerberg said in a prepared statement. “Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. I got this wrong, and I take responsibility for that.”
Those being let go will receive 16 weeks of base pay plus two additional weeks for each year of service. They will also receive pay for all remaining paid time off.
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Glenn Shaw says
When I complained about the huge numbers of scammers on Marketplace FB said they were sorry I was offended by how others express themselves. Good riddance to the smug, woke, snowflakes.🤣
You betcha! I'm with you on that.
Pedro Martinez says
Time for Face-plant and other social media tweaker sites to die. They have long outlived their intentions and shelf life. Social media outlets like F-plant are a vector for collective mental illness. People spend way too much time pontificating their virtues, or lack thereof, on social media. Get off your lazy rear ends and commit to something real like community service. If the social media junkies would put their energy towards community service the way they commit to their social media ego platform, this country would be much better off.