Meta CEO Mark Zuckerberg has announced that the company will begin laying people off from Wednesday morning, according to The Wall Street Journal. According to the news outlet, Mark gave the news to hundreds of executives in a meeting on Tuesday. Meta had more than 87,000 employees at the end of September and the upcoming cuts are said to affect thousands of jobs, though, no concrete figures have been given.
According to people who were at Tuesday’s meeting, Mark seemed to be downcast about the news and held himself responsible for the cuts. He said that he’d been over-optimistic about growth and ended up hiring too many people. Now, given the economic conditions, the company needs to cut thousands of jobs to keep the company’s finances healthy.
To help those affected by the cuts, Meta’s head of human resources, Lori Goler, told the meeting that affected employees will receive four months of salary as severance. This should help people with their living costs as they look for a new job.
Meta will release a general internal announcement about the layoff plans at 6 a.m. Eastern time on Wednesday. Those affected will be informed in the hours following the general internal announcement. According to the report, people in recruiting and business teams are those most likely to be affected.