Tuesday, May 30, 2023 | 09:29 WIB

Meta Platforms Inc to lay off 11,000 employees as it suffers huge losses


Jakarta, IO – Meta Platforms Inc., Facebook’s parent company, is preparing large-scale layoffs. CEO Mark Zuckerberg is expected terminate more than 11,000 employees or 13 percent of its total workforce. It’s the first mass layoff in the company’s 18-year history.

The decision came amid rising costs and a weak advertising revenue. So far this year, Meta shares traded on US exchanges have fallen by more than two-thirds.

“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,” wrote Mark Zuckerberg in an announcement, reported CNN Indonesia, Thursday (10/11).

Later, the company will pay 16 weeks of base pay plus two additional weeks for every year of service, as well as all remaining paid time off, as part of the severance package. Affected employees will also receive their shares set to vest on November 15 and six months of health care coverage.


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