Meta announced the dismissal of 11,000 employees

META Corporation will reduce more than 11,000 people (13% of the state) as part of the reorganization of its structure. Mark Zuckerberg turned to employees with an open letter.

In it, he stated that he was responsible for the mistakes of the company, and it was his “excessive optimism in relation to growth” that led to the state of state.

“After the pandemic, the macroeconomic decline, increased competition and reduction of advertising led to the fact that our income turned out to be much lower than I expected,” said the head of Meta.

He added that the restructuring of the teams will reduce expenses and increase the effectiveness of the corporation.

The state optimization will affect all units, but primarily recruiting and business teams. For her part, Meta guaranteed that dismissed employees from the USA will receive:

  • output manual in the amount of at least four salaries;
  • payment for unspent leave;
  • payment of compensation for the shares of the company;
  • six -month medical insurance;
  • three Google has filed months of support for finding a new job;
  • Immigration support.

Specialists located outside the United States will receive similar assistance taking into account local labor legislation.

Meta will also extend the moratorium on hiring new workers until the first quarter of 2023.

According to WSJ, the company’s heads in many departments have already begun to notify their subordinates about dismissal.

Earlier, the publication reported that on November 9, the corporation will hold the first large -scale reduction in the state. According to the results of the third quarter, he totaled 87,000 specialists.

Since the beginning of 2022, META shares have fallen by more than 70%. For the first time in 18-year history, the company reported on the outflow of unique Facebook users.

In July-September, the loss of Reality Labs associated with the metavselnaya division in the META structure amounted to $ 3.7 billion ($ 9.4 billion from the beginning of the year).

On the eve of the publication of META reports for the third quarter of CEO Altimeter Capital Management, Brad Gertner called on Zuckerberg to reduce the costs of at least 20%, the volume of investments by at least $ 5 billion and limit the development of Reality Labs $ 5 billion per year.

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