Zuckerberg ‘to blame for firing’ 11,000 employees

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New Delhi: Facebook’s parent company, Meta Platforms Inc. , on Wednesday it will cut 11,000 employees, or 13% of its staff. After severing employee services, Mark Zuckerberg said he would “take the blame” for firing employees.

“The colleagues who will leave us are talented and passionate, and have made an important impact on our company and our community. Each of you have helped Meta’s success, and I’m grateful for that,” said Mark Zuckerberg, CEO of Meta in a blog post.

“At the start of Covid, the world moved quickly online and the e-commerce boom led to huge revenue growth. A lot of people expected this to be a permanent acceleration that would continue even after the pandemic was over. I did too, so I made the decision to dramatically increase our investment. Unfortunately This didn’t happen the way I expected.

“Not only has online commerce reverted to previous trends, but the overall economic downturn, increased competition and loss of advertising signal caused our revenue to be much lower than I expected. I got this wrong, and I take responsibility for that,” he said.

With a few exceptions, Meta will continue to halt hiring until the first quarter of 2023.

“I will monitor our business performance, operational efficiency, and other macroeconomic factors to determine if and how much we should resume hiring at that point,” Zuckberg said.

Every team within the organization will be affected by layoffs. Employees laid off will get 16 weeks of base pay plus two additional weeks for each year of service, with no cap. He added that the company will also provide three months of professional support with an outside vendor, including early access to unpublished jobs leading to all those laid off.

Apple, Meta, Twitter, Amazon and other big internet companies are feeling the enormity of the global economic downturn. Market research firm Crunchbase claims that as of October 2022, US tech companies have left more than 45,000 employees.

Due to the sensitivity of the data accessed, departing employees will eventually lose access to most Meta systems. However, their email addresses will be accessible throughout the day so everyone can say goodbye.

Days before the news, another major social media company, Twitter, had cut its global workforce in half.



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