CEO Mark Zuckerberg apologized for the mass layoffs but insisted that it was a last resort.
The job-reducing company that just fired 13% of its workforce shared an update today – they will be extending the hiring freeze through Q1 of 2023. In an interview with CNN, Mark Zuckerberg apologized for the mass layoffs that occurred at Facebook. He said they were unavoidable because they were the last resort.
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Sad day for Zuckerberg
The CEO of Facebook, Mark Zuckerberg.
Why Meta is laying off?
On Wednesday, Meta Inc. announced that it will be laying off 13% of its workforce — around 11,000 employees. They also announced they will extend the hiring freeze through Q1 of 2023.
Meta’s quarterly profits were reduced by 51% to $4.4 billion
Those who work here have already been impacted by the lack of investment in marketing, products, and technology. Today we’re talking about how to achieve our goals of supporting our community around the world with fewer resources. We’ve been investing too little, for too long, in too few important areas.
In the post, Zuckerberg shares, “This is not a reflection of the great work these groups have done.”
In a recent blog post, “Mark Zuckerberg’s Message to Meta Employees,” the company shared that it decided to downsize because of economic downturns, increased competition, and lowered ads signal.
“This is not a reflection of the great work these groups have done,” Zuckerberg shared in his post.
The company also told reporters that it would be paying out 16 weeks of base pay and two additional weeks of pay for every year of service.
Meta will also provide immigration support, health insurance for six months, and career services to former employees.
Facebook will be cutting its workforce by 7% to manage costs and explore new growth opportunities, such as artificial intelligence and ads.
How much does Mark Zuckerberg earn a day?
Mark Zuckerberg’s salary per hour is $375,000. He makes a mid-range of $9,000,000 per day. However, the figure is based on stock and fluctuates depending on the market. The average yearly earnings for Zuck are reported to be about $3 billion.