It seems no end to layoffs in Meta. The company is all set to start laying off employees next week in its latest round of mass cuts. The information was shared by the company’s executives and announced in a Q&A with employees on Thursday.
While Mark Zuckerberg had previously announced that there would be another round of layoffs in May, however, the exact timing of the layoffs was not confirmed to employees until that meeting. The layoffs will impact Meta’s business departments and could affect thousands of employees also.
However, the spokesperson for Meta declined to comment on this. According to the sources, the third wave is going to happen next week and around 6,000 employees will be sacked. These lay off came just a few days after Mark Zuckerberg announced that the company is planning for the same. Notably in November, 11,000 employees were sacked and another round of sacking of 10,000 employees was announced in March 2023.
Out of this, Meta has already eliminated 4,000 employees, which means 6,000 employees will be laid down by the company next week. The sources, also claim that employees who will get affected will get a mail for this.
There are currently no specifics about severance pay. The company paid out compensation to prior employees who are laid off, and it is anticipated that it would do the same for the new group of workers. But why does Meta fire so many employees? CEO of the internet giant Mark Zuckerberg has already given many justifications for layoffs. One is the modest growth that Meta has been experiencing and the current economic slowdown. This has resulted in the company’s sluggish revenue growth.
The software firm also claimed in an email that it over-hired in the previous several years due to business requirements. However, Meta is now experiencing poor development and is having trouble making money. Thus, Meta is eliminating positions.
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