Facebook’s parent company Meta has let go more than 11,000 employees. Facebook’s parent company Meta Platforms Inc. plans to lay off workers widely at its company on Wednesday, according to people familiar with the matter. After the decline in the company’s revenue, this action has been taken by the social-media company. Mark Zuckerberg, CEO of Meta, said in a blog post that ‘I’m sharing some of the most difficult changes in Meta’s history. I have decided to reduce the size of my team by about 13% and remove our more than 11,000 talented employees from the company.’
‘We are taking several additional steps to become a more efficient company by cutting spending and extending our hiring freeze through Q1,’ Zuckerberg said. The layoff of employees on such a large scale shows that the company is preparing to cut the big budget. Significantly, the company has had to take this step due to a sharp slowdown in digital advertising revenue.
The company said that health care expenses will be given to the employees being let go for six months. Zuckerberg emphasized the need for Meta to become more capital efficient and said that the company would move resources to “higher priority development areas” such as AI discovery engines, advertising and business platforms, as well as furthering focusing on its Metaverse project.
Meta’s job cuts follow a layoff by Twitter last week, which saw the company cut nearly 50% of its workforce following its acquisition by Elon Musk. It has also been said from Snapchat that the company is going to reduce its workforce by 20 percent.