Meta lays off 11,000 workers

Meta, which owns Facebook, Instagram and WhatsApp, has announced plans to cut more than 11,000 jobs or 13 percent of its workforce.

Meta chief executive Mark Zuckerberg said the layoffs were  “some of the most difficult changes we’ve made in Meta’s history,” and noted that all employees will soon get an email “letting you know what this layoff means for you.”

“I know this is tough for everyone, and I’m especially sorry to those impacted,” he wrote in a statement.

Mr. Zuckerberg told hundreds of Meta executives of the plans on Tuesday, the Wall Street Journal reported.

Mr. Zuckerberg said the company would refocus on such priorities as its advertising business and elevating content from viral creators over friends and family.

He added that the company would focus on high-priority growth areas, like artificial intelligence, advertising, and “our long-term vision for the metaverse”.

Meta will also cut costs elsewhere – including reducing its spending on buildings and offices and increasing desk-sharing.

Mr. Zuckerberg blamed massive long-term expectations for growth based on the firm’s rise in revenue during the pandemic.

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“Many people predicted this would be a permanent acceleration,” he wrote, “I did too, so I made the decision to significantly increase our investments.”

Instead, he said “macroeconomic downturn” and “increased competition” caused revenue to be much lower than expected

“I got this wrong, and I take responsibility for that,” he said.

Affected Meta employees will receive an email soon, he said and will have an opportunity to ask questions.

US employees will receive redundancy payments worth 16 weeks’ pay plus a week for every year worked. Additional benefits will also include continuing to provide family health insurance for six months.

Support outside the US will be similar, but there will be a separate redundancy process to take into account local employment laws.

Zainab Sa’id