Things are shaking up over at Meta and not for the better. The social media giant has introduced major changes as Facebook not only changed its name but has been making expansions in Web3. Mark Zuckerberg has faced criticism about Facebook, its privacy, and its features, but today's news stunned a global audience.
According to CNBC, this morning (November 9), Zuckerberg sent out a letter to Meta staffers with unfortunate news. The company plans to lay off 11,000 of its 87,000 employees. “Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” he reportedly stated.
“I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.”
It was noted by CNBC that Meta has faced "rising costs and expenses," while "sales declined 4%."
“I want to take accountability for these decisions and for how we got here," Zuckerberg said elsewhere in his note. "I know this is tough for everyone, and I’m especially sorry to those impacted.” He added, “This is a sad moment, and there’s no way around that. To those who are leaving, I want to thank you again for everything you’ve put into this place."
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The news swept through social media as the public questioned what would be next for the conglomerate. Laid-off staffers will reportedly keep "health insurance for the next six months," as well as "receive 16 weeks of pay plus two additional weeks for every year of service."
As criticism has sparked online, some Meta employees have come forward to defend the company. They claimed that Meta was doing right by those affected and believed the change is necessary for overall growth.