Facebook Parent Meta to Cut 11,000 Staff
That would be 13% of its workforce, and 3X the number of people laid off by Twitter, to cope with a slumping digital-ad market and falling stock price. Meta’s stock has fallen more than 70% this year.
U.S. staffers that are losing their jobs will receive 16 weeks of severance, plus an additional two weeks for each year of employment at the company, and their stock options set to vest in mid-November will still vest. Meta will cover healthcare costs for those affected and their families for six months.
The company went on a hiring binge, during the pandemic, raising salaries more than 50% for a lot of engineering positions.
Zuckerberg is taking responsibility, but not clear what that means. Is he going to fire himself, or hire consultants to advise on how he can get a better haircut.
U.S. staffers that are losing their jobs will receive 16 weeks of severance, plus an additional two weeks for each year of employment at the company, and their stock options set to vest in mid-November will still vest. Meta will cover healthcare costs for those affected and their families for six months.
The company went on a hiring binge, during the pandemic, raising salaries more than 50% for a lot of engineering positions.
Zuckerberg is taking responsibility, but not clear what that means. Is he going to fire himself, or hire consultants to advise on how he can get a better haircut.
