Meta to lay off another 10,000 employees
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The American corporation Meta (banned in Russia and recognized as an extremist organization), which owns Facebook, Instagram and WhatsApp, will lay off another 10,000 employees, transmits Bloomberg, citing a letter from CEO Mark Zuckerberg.
At the same time, it is planned to close about 5,000 vacancies that are currently open. It is clarified that Meta made such a decision in order to improve its financial performance.
It is expected that layoffs will take place in several stages. Specifically, the first wave is due to start this week and will affect the recruiting department at Meta, the second will occur in April and will affect technical roles, and the third in May will affect business roles.
Last fall Meta informed, which will lay off 13% of its employees, i.e. more than 11,000 people. Then the CEO of the company, Mark Zuckerberg, said that he takes responsibility for the current situation. Meta will pay laid-off employees 16 weeks of base salary as severance pay, plus two additional weeks for each year they work at the company. The corporation will also waive all non-key spending and extend the moratorium on hiring until the end of the first quarter of 2023.
Back in 2020, Zuckerberg’s fortune was $106 billion, and in September 2021 it rose to a peak level of $142 billion. Since the beginning of 2022, his fortune has decreased to $55.9 billion in September, informed Bloomberg. The fall began in February when the company failed to report a month-on-month increase in Facebook users, which sent its stock down a historic slump: shares that were worth around $340 in early 2022 are now trading at around $190.
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