The reductions, equal to about 13% of the workforce, were disclosed Wednesday in a statement.
“I want to take accountability for these decisions and for how we got here,” Zuckerberg said in the statement that was sent to Meta employees and posted on the company’s website.The company said that while reductions will happen across the company, its recruiting team will be disproportionately affected and its business teams would be restructured “more substantially.”
“But the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than expected. I got this wrong.” In a particularly chaotic round of dismissals, Twitter Inc. cut roughly half of its workforce last week with many employees finding out they’d lost their jobs when they were suddenly cut off from Slack or email.
The company is also offering six months of health-care coverage as well as career services and immigration support. Packages will be similar outside the US, in keeping with local employment laws, it said.and restructure teams to adapt to a changing market. “For the first 18 years of the company, we basically grew quickly basically every year, and then more recently our revenue has been flat to slightly down for the first time. So we have to adjust.”
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