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Meta To Lay Off 11 Thousand Employees After Twitter, First Mega Layoff For Facebook Since Existence
Posted
November 9, 2022
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174
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November 9, 2022
174
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2:28Now PlayingThe Meta, parent company of facebook is to lay off 13 percent of employees that is 11,000 people. The Meta layoffs follow job cuts at other major tech companies, including Elon Musk’s Twitter and Microsoft. As severance, Meta’s sacked employees would get 16 weeks of base pay along with two additional weeks for every year of service. Employees will get cost of healthcare for six months, the company said. The mega job cuts, the first since the founding of Facebook in 2004, reflect a sharp slowdown in digital advertising space, an economy wobbling on the brink of recession and Mark Zuckerberg's heavy investment in a speculative virtual-reality push called the metaverse. Watch the news to know more.
#facebook #metalayoff #socialmedia
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