Meta, the company that owns social media giant Facebook, has announced that it will terminating 11,000 employees.
The announcement came from a letter written by Meta CEO and Facebook founder Mark Zuckerberg.
“Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” he said.
“I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1,” the Meta CEO added.
The shares of Meta were up by 4% before trading according to a CNBC report.
“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.” Zuckerberg said.
“This is a sad moment, and there’s no way around that. To those who are leaving, I want to thank you again for everything you’ve put into this place,” he added.
Zuckerberg said that affected employees will receive 16 weeks of pay and additional two weeks for each year of service.
The company will also pay the health insurance of employees in the next 6 months.
Meta is investing its resources to digital universe consist of virtual reality and artificial intelligence.
