In one of the worst lay-offs ever in the tech industry, Meta Founder and CEO Mark Zuckerberg on Wednesday sacked more than 11,000 employees — about 13 per cent of the global workforce.
In one of the worst lay-offs ever in the tech industry, Meta Founder and CEO Mark Zuckerberg on Wednesday sacked more than 11,000 employees — about 13 per cent of the global workforce – and extended hiring freeze through Q1 2023.
The company also removed access to most Meta systems for people leaving, given the amount of access to sensitive information, « keeping email addresses active throughout the day so everyone can say farewell ».
As a severance measure, the company will pay 16 weeks of base pay, along with two additional weeks for every year of service, « with no cap ».
The Facebook and Instagram parent company reported over 87,000 employees (as of September).
Zuckerberg releases statement
In a statement, Zuckerberg said the company is going to take a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending its hiring freeze through Q1.
« Today I’m sharing some of the most difficult changes we’ve made in Meta’s history.
