Mark Zuckerberg, the CEO of Meta, has declared he will let go of 11,000 of his employees in an effort to make the company “leaner and more effective.” The creator of Facebook disclosed that he had written to all of his employees outlining the “tough circumstances” the business is currently facing.
A Bit Lacking
These layoffs occur after Zuckerberg spent $15 billion on his favorite virtual reality project, the Metaverse, which hasn’t actually accomplished much beyond drawing criticism and holding the occasional cartoon meeting with one of his employees.
A hiring freeze that would last through the new year was also announced by Zuckerberg, making it unlikely that any of those who had lost their jobs would immediately find new jobs at the business. He expressed his willingness to “take responsibility for these decisions” and expressed his “especially sorry to those impacted.”
Those who are let go will receive 16 weeks of severance compensation plus an additional two weeks for each year of employment with Meta. Zuckerberg asserted that the coronavirus pandemic was one of the primary causes of why a firm the size of Meta was required to lay off 11,000 people.