BOOM

Trending Searches

    SUPPORT
    BOOM

    Trending News

      • Fact Check 
        • Fast Check
        • Politics
        • Business
        • Entertainment
        • Social
        • Sports
        • World
      • Law
      • Explainers
      • News 
        • All News
      • Decode 
        • Impact
        • Scamcheck
        • Life
        • Voices
      • Media Buddhi 
        • Digital Buddhi
        • Senior Citizens
        • Videos
      • Web Stories
      • BOOM Research
      • BOOM Labs
      • Deepfake Tracker
      • Videos 
        • Facts Neeti
      • Home-icon
        Home
      • About Us-icon
        About Us
      • Authors-icon
        Authors
      • Team-icon
        Team
      • Careers-icon
        Careers
      • Internship-icon
        Internship
      • Contact Us-icon
        Contact Us
      • Methodology-icon
        Methodology
      • Correction Policy-icon
        Correction Policy
      • Non-Partnership Policy-icon
        Non-Partnership Policy
      • Cookie Policy-icon
        Cookie Policy
      • Grievance Redressal-icon
        Grievance Redressal
      • Republishing Guidelines-icon
        Republishing Guidelines
      • Fact Check-icon
        Fact Check
        Fast Check
        Politics
        Business
        Entertainment
        Social
        Sports
        World
      • Law-icon
        Law
      • Explainers-icon
        Explainers
      • News-icon
        News
        All News
      • Decode-icon
        Decode
        Impact
        Scamcheck
        Life
        Voices
      • Media Buddhi-icon
        Media Buddhi
        Digital Buddhi
        Senior Citizens
        Videos
      • Web Stories-icon
        Web Stories
      • BOOM Research-icon
        BOOM Research
      • BOOM Labs-icon
        BOOM Labs
      • Deepfake Tracker-icon
        Deepfake Tracker
      • Videos-icon
        Videos
        Facts Neeti
      Trending Tags
      TRENDING
      • #Operation Sindoor
      • #Pahalgam Terror Attack
      • #Narendra Modi
      • #Rahul Gandhi
      • #Waqf Amendment Bill
      • #Arvind Kejriwal
      • #Deepfake
      • #Artificial Intelligence
      • Home
      • News
      • 'I Got It Wrong': Mark Zuckerberg's...
      News

      'I Got It Wrong': Mark Zuckerberg's Message As Meta Lays Off 11,000 Staff

      In a message to Meta employees, Zuckerberg said Meta would cut down it's team by 13%.

      By - BOOM Team |
      Published -  9 Nov 2022 6:36 PM IST
    • Boomlive
      I Got It Wrong: Mark Zuckerbergs Message As Meta Lays Off 11,000 Staff

      Mark Zuckerberg on Wednesday confirmed that Meta was downsizing its team by 13%, which meant that more than 11,000 employees of the company would be laid off.

      Zuckerberg said that the company would take additional steps to downsize and make it "more efficient".

      "I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I'm especially sorry to those impacted," he said in the message.

      This comes amid several reports, including one by the Wall Street Journal, about large-scale layoffs after a massive drop in Meta's earnings. In October, Meta's shares nosedived more than 20%.

      Meta owns the social media websites Facebook and Instagram.

      Also Read:Why Companies Like Meta Are Tracking Your Eye Movement

      What laid-off employees will get

      Zuckerberg detailed in his message that employees being laid off will be given severance and Meta will cash out paid time off. Immigration assistance will be given to those who are working on a visa.

      The severance package will include 16 weeks of base pay and an additional two weeks' worth of pay for every year of service. Meta will also pay out stock-based compensation for employees. It will continue to cover health care for laid-off employees and their families for the next six months.

      For employees who are immigrants, Zuckerberg said, "I know this is especially difficult if you're here on a visa. There's a notice period before termination and some visa grace periods, which means everyone will have time to make plans and work through their immigration status. We have dedicated immigration specialists to help guide you based on what you and your family need."

      He said employees outside the US will also be given similar severance that is compliant with local laws.

      'I got this wrong'

      Zuckerberg said that he predicted that the surge of e-commerce during Covid would continue post-pandemic and hence "significantly increased" Meta investments. "Unfortunately, this did not play out the way I expected. Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I'd expected. I got this wrong, and I take responsibility for that," Zuckerberg said.

      The Meta CEO said that the company has also cut costs in terms of reducing budgets, perks, and downsizing real estate.

      He said, "We'll roll out more cost-cutting changes like this in the coming months."

      Zuckerberg sought to allay the fears of those who retained their jobs by saying steps were being taken to "make sure our future is strong".

      "I believe we are deeply underestimated as a company today. Billions of people use our services to connect, and our communities keep growing. Our core business is among the most profitable ever built with huge potential ahead. And we're leading in developing the technology to define the future of social connection and the next computing platform. We do historically important work. I'm confident that if we work efficiently, we'll come out of this downturn stronger and more resilient than ever," he said.

      Tags

      MetaMark Zuckerberg
      Read Full Article
      Next Story
      Our website is made possible by displaying online advertisements to our visitors.
      Please consider supporting us by disabling your ad blocker. Please reload after ad blocker is disabled.
      X

      Subscribe to BOOM Newsletters

      👉 No spam, no paywall — but verified insights.

      Please enter a Email Address
      Subscribe for free!

      Stay Ahead of Misinformation!

      Please enter a Email Address
      Subscribe Now🛡️ 100% Privacy Protected | No Spam, Just Facts
      By subscribing, you agree with the Terms & conditions and Privacy Policy connected to the offer

      Thank you for subscribing!

      You’re now part of the BOOM community.

      Or, Subscribe to receive latest news via email
      Subscribed Successfully...
      Copy HTMLHTML is copied!
      There's no data to copy!