With stocks down 70% this year, Mark Zuckerberg confirmed that Meta will begin laying off employees TOMORROW in meetings with hundreds of executives.
Mark Zuckerberg, the chief executive of Meta Platforms Inc., reportedly informed hundreds of executives on Tuesday that the company will start terminating staff on Wednesday morning.
In the meeting on Tuesday, Zuckerberg exhibited a pessimistic demeanor and admitted that he was responsible for the mistakes made by the company. According to the report, people familiar with the situation said that Zuckerberg’s overconfidence regarding the company’s growth had resulted in an excessive number of employees.
According to the report, he highlighted extensive cuts and explicitly listed the recruiting and business teams as among those facing layoffs. Additionally, an internal announcement of the company’s layoff intentions is likely to take place around six in the morning on Wednesday, Eastern Standard Time.
According to the source, the individual workers who will be let go from their positions would be told throughout the course of the morning.
According to the Wall Street Journal, which cited persons familiar with the situation as its source, the head of human resources at Meta, Lori Goler, stated that employees who lose their positions will be paid with at least four months of income as severance.
At the end of September, Meta reported having more than 87,000 people working for it.
The corporation did not wish to provide a response to the report.
Following Elon Musk’s $44 billion acquisition of Twitter, the company fired over half of its workers across a wide range of teams, including product and engineering, communications, and content curation. The latest development comes as a result of this.
However, a report that was published by Bloomberg on Sunday stated that Twitter was contacting dozens of employees who had lost their jobs and encouraging them to return.
According to a report by Axios, Microsoft Corporation terminated the employment of approximately one thousand workers across a number of its businesses in the month of October.
