Meta Will Lay Off 10,000 More Employees: Mark Zuckerberg
Meta Chairman and CEO Mark Zuckerberg told his employees on Tuesday that the company would cut 10,000 more jobs in the latest round of layoffs. Additionally, the company will close 5,000 more open roles which it has not hired for yet.
Fresh job cuts at Meta comes just four months after the first round of layoffs at the company, which had affected 11,000 employees. The layoff on such a large scale at Meta took place for the first time in the company's history.
In an email to employees, Zuckerberg wrote: "We expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired."
During premarket trading, the news of lay off pushed Meta shares up by 2 per cent.
Zuckerberg had earlier touted 2023 to be Meta’s “Year of efficiency”.
According to layoff tracker website layoffs.fyi, the tech industry has cut 2,80,000 jobs since the beginning of 2022. About 40 per cent of these layoffs happened in 2023.
For sacked employees in November, Meta had promised to provide six weeks of base pay plus two additional weeks for every year of service as a part of the severance package and all remaining paid time off. Apart from this, those employees will get the cost of healthcare for six months.
