HomeAmericasBusinessIn Bloodbath, Zuckerberg Fires 11,000 At Meta, Says ‘Sorry’

In Bloodbath, Zuckerberg Fires 11,000 At Meta, Says ‘Sorry’

In Bloodbath, Zuckerberg Fires 11,000 At Meta, Says ‘Sorry’

Mark Zuckerberg has promised immigration advise for “those on visas.”

MENLO PARK, CA (IANS) – In one of the worst lay-offs ever in the tech industry, Meta Founder and CEO Mark Zuckerberg on Wednesday sacked more than 11,000 employees — about 13 percent of the global workforce – and extended a hiring freeze through Q1 2023.

The company also removed access to most Meta systems for people leaving, given the amount of access to sensitive information, “keeping email addresses active throughout the day so everyone can say farewell.”

As a severance measure, the company will pay 16 weeks of base pay, along with two additional weeks for every year of service, “with no cap.”

In a statement, Zuckerberg sounded more contrite than Elon Musk has been since he took over Twitter and has swung his ownership creds to demolish the workforce, including in India. Zuckerberg apologized, “I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted,” he added.

The Meta CEO said that everyone will get an email soon letting them know what this layoff means for them. “After that, every affected employee will have the opportunity to speak with someone to get their questions answered and join information sessions,” he said. Meta will pay for all remaining paid time off time and everyone impacted will receive their November 15, 2022, vesting of shares.

“We’ll cover the cost of healthcare for people and their families for six months,” said Zuckerberg, adding that the company will “provide three months of career support with an external vendor, including early access to unpublished job leads”.

He blamed the macroeconomic downturn, increased competition, and ads signal loss for the move, saying it caused “revenue to be much lower than I’d expected”.

“I got this wrong, and I take responsibility for that. In this new environment, we need to become more capital efficient. We’ve shifted more of our resources onto a smaller number of high priority growth areas – like our AI discovery engine, our ads and business platforms, and our long-term vision for the metaverse,” said the Meta CEO.

Zuckerberg said that the layoff is especially difficult if “you’re here on a visa.”

“There’s a notice period before termination and some visa grace periods, which means everyone will have time to make plans and work through their immigration status. We have dedicated immigration specialists to help guide you based on what you and your family need,” he mentioned in a blog post.

“Outside the US, support will be similar, and we’ll follow up soon with separate processes that take into account local employment laws,” he added. The layoffs impacted Meta India team across verticals, although the exact number of affected employees could not be ascertained. Meta is likely to have up to 400 employees in the country, and its business is doing relatively well.

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