Facebook Parent Company Meta Fires More Than 11,000 Employees

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Published: November 9,2022 05:17 PM
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Facebook's parent company Meta on Wednesday announced that it would be firing more than 11,000 employees in a bid to reduce costs following disappointing earnings and a drop in revenue

November 9, 2022: Facebook's parent company Meta on Wednesday announced that it would be firing more than 11,000 employees in a bid to reduce costs following disappointing earnings and a drop in revenue.



"Today I'm sharing some of the most difficult changes we've made in Meta's history. I've decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go," Meta's Chief Executive Mark Zuckerberg said in a blog post today. 



"We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1," Zuckerberg added.



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The company said that the employees being laid off would get 16 weeks of base pay plus two additional weeks for every year of service.



The reductions, part of the first major budget cut since the founding of Facebook in 2004, reflect a sharp slowdown in digital advertising revenue, an economy wobbling on the brink of recession and Mark Zuckerberg's heavy investment in a speculative virtual-reality push called the metaverse.