The layoffs represent the first large-scale workforce reduction in the company's 18-year history.
Meta, which has around 87,000 employees, has recently undergone belt-tightening measures like hiring freezes and eliminating nonessential travel.In his note to employees, Zuckerberg said Meta's hiring freeze will continue, as well as scaling back its real estate, among other cost-cutting changes to be announced in the coming months.
Secondly, the uncertain economy has made jittery advertisers slash spending. The pullback has walloped Meta, since nearly all of its revenue comes from ads. It also has been bruising to ad-dependent services like Snap and YouTube. According to Zuckerberg, the 11,000 employees who will lose their jobs at Meta will get 16 weeks of severance pay and health insurance for six months. Laid-off holders of visas will be provided resources to assist with changes in immigration status, he said.Meta, like many other tech companies, went on a hiring blitz during the pandemic. It brought on tens of thousands of new employees to meet the growing demand from people stuck at home.
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