Facebook parent Meta is reportedly starting its layoffs from today. According to the Wall Street Journal, Chief Executive Mark Zuckerberg told hundreds of executives that Meta would start the process of sacking employees from Wednesday morning.
The WSJ report added that in Tuesday’s meeting, Zuckerberg said to his employees that he was accountable for Meta’s missteps. Additionally, he even admitted to his overoptimism about the growth of the company that led to overstaffing people at Meta, as per the report.
Picking on the nuances of Meta layoffs, Zuckerberg reportedly described broad cuts and specifically mentioned the recruiting and business teams in those facing layoffs. In addition to this, the WSJ report also mentioned, citing an internal announcement at Meta that the layoffs are expected to begin around 6 am Eastern time on Wednesday.
The report further cited people familiar with the matter and said that all those who are sacked from Meta are expected to receive at least four months of salary as severance. However, the final details will be known once the process begins.
Meta layoffs come a few days after the Elon Musk-led microblogging platform Twitter too, sacked its employees in an effort to reduce costs. While almost 50 per cent of Twitter’s workforce was reportedly sacked, according to a Bloomberg report, the company was reaching out to some employees and asking them to come back.
Apart from Meta and Twitter, even Microsoft Corp. sacked around 1,000 employees in October itself, as per an Axios report. At this point, even Amazon has reportedly paused its corporate hiring process, like few other big companies.
