Meta Confirms 13 Per Cent Layoffs Of Its Workforce

The parent company of Facebook, Instagram, and WhatsApp, Meta has disclosed a significant round of layoffs that affected 13% of its workers.

“I want to take accountability for these decisions and for how we got here,” CEO and co-founder Mark Zuckerberg wrote in a statement. 

“I know this is tough for everyone, and I’m especially sorry for those impacted.”

The announcement comes at a time when businesses across the technology spectrum have announced massive layoffs in recent weeks.

Twitter laid off about half of its 7,500 employees after hiring Elon Musk as CEO, and Stripe announced last week that it would be reducing its workforce by 14% or 1,120 workers.

The wave of layoffs at Meta was widely publicised and anticipated last week but now people are aware of the entire scope of the company's plans and the implications for individuals affected.

With an estimated 87,000 employees worldwide, Meta will be losing 11,000 personnel.

Each employee, according to Zuckerberg, will receive 16 weeks of severance pay, plus an additional two weeks for each year of service.

So, for instance, a four-year Meta employee would receive the equivalent of six months' compensation.

Additionally, employees will receive payment for any outstanding restricted stock that was vesting as well as any untaken vacation time.