The Facebook group Meta wants to cut more than 11,000 jobs worldwide. This corresponds to around 13% of the workforce. Mark Zuckerberg said he overestimated the online boom at the beginning of the coronavirus pandemic. He takes responsibility for the decisions and their consequences.

“This is a sad moment and there is no way around it. To those who are leaving us, I would like to thank you again for everything you have put into this place. Without your hard work, we would not be where we are today, and I am grateful for your contributions,” Zuckerberg wrote in a release.

Meta has the problem that its core business with online advertising on Facebook and Instagram is generating less income than before. At the same time, Metaverse is increasingly eating up money.

Overall, Meta's total workforce is expected to shrink by 13 percent.

Meta will also reduce the number of new hires and reduce its office space. Those who lose their jobs in the U.S. will receive 16 weeks of pay plus two additional weeks per year of service at Meta. The health insurance costs will continue to be paid for another six months.

Zuckerberg writes: “Some of the details in the US include”

  • Severance . We will pay 16 weeks of base pay plus two additional weeks for every year of service, with no cap.
  • PTO . We'll pay for all remaining PTO time.
  • RSU vesting . Everyone impacted will receive their November 15, 2022 vesting.
  • health insurance . We'll cover the cost of healthcare for people and their families for six months.
  • Career services . We'll provide three months of career support with an external vendor, including early access to unpublished job leads.
  • Immigration support . 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.

More information at: Mark Zuckerberg's Message to Meta Employees

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