After Twitter, Meta has also fired thousands of employees from the company.
Meta CEO Mark Zuckerberg said in a letter dated Nov. 9 that 13 percent of the company’s workforce, or more than 11,000 employees, is being laid off.
“Today I want to announce the most difficult change in the history of Meta, I have decided to reduce the size of our team by 13%,” he said in his letter.
He said that we are also taking more steps to improve the company.
Meta’s shares fell 4 percent after reports of layoffs.
This is the first time in Meta’s 18-year history that so many employees are being laid off from the company.
“It’s a sad moment but there was no other option,” Mark Zuckerberg said.
The employees who are being laid off will be paid 16 weeks’ salary while the company will also cover the cost of health insurance for 6 months.
Meta’s market value was more than 1000 billion dollars a year ago, which has now decreased to 270 billion dollars.
It should be noted that earlier Elon Musk fired about 50% of the employees of this social media network after acquiring the ownership of Twitte
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