Highlights

  • Meta lays off 13% workforce to become more efficient
  • Move will help us churn more revenue: Mark Zuckerberg
  • Over 11,000 Meta workers to lose their jobs

Latest news

Shraddha Kapoor to portray the role of a Kashmiri girl named Rukhsana Kausar, says report

Shraddha Kapoor to portray the role of a Kashmiri girl named Rukhsana Kausar, says report

Vikram Gokhale's web series 'Ambedkar The Legend' likely to be scrapped, informs director Sanjiv Jaiswal

Vikram Gokhale's web series 'Ambedkar The Legend' likely to be scrapped, informs director Sanjiv Jaiswal

Man gets fired for being unsocial; makes employer pay him back

Man gets fired for being unsocial; makes employer pay him back

'The Kashmir Files' actor Darshan Kumaar on IFFI jury head calling film 'propaganda'

'The Kashmir Files' actor Darshan Kumaar on IFFI jury head calling film 'propaganda'

Apple likely running short of 6 million iPhone 14 Pro models

Apple likely running short of 6 million iPhone 14 Pro models

Meta lays off 11,000 employees: Here's what Mark Zuckerberg said

Zuckerberg cited investments in e-commerce as one of the major factors for company's downsized growth.

Announcing lay off of about 13% workforce, Meta CEO Mark Zuckerberg said the move has been taken to become a leaner and more efficient company.

In a blogpost on company's website, Zuckerberg held himself accountable for the decision giving a step-by-step break up of what lies ahead.

Zuckerberg cited investments in e-commerce as one of the major factors for company's downsized growth.

He said over 11,000 affected employees of the company will be given the maximum possible support including cost of health insurance, 16 weeks of base pay to make the process feasible for them.

Among the other cost-cutting measures, the company will be transitioning to desk sharing for people to bring in a meaningful cultural shift in the way Facebook operates.

All the changes, in Zuckberge's words, have been made to accelerate revenue which was lower than expected at the beginning of this year.

Zuckerberg said he wants to ensure that the company operates efficiently across Family of Apps and Reality Labs.

Calling it a sad moment, Zuckerberg said Meta is being deeply underestimated but that he is confident that it will work more efficiently.

Also watch: In one of biggest layoffs this year, Meta fires 11,000 employees

Up Next

Meta lays off 11,000 employees: Here's what Mark Zuckerberg said

Meta lays off 11,000 employees: Here's what Mark Zuckerberg said

This country is using typewriters, pen & paper after major cyber-attack took down systems

This country is using typewriters, pen & paper after major cyber-attack took down systems

Watch: Mauna Loa volcano's eruption in 38 years threatens populated areas

Watch: Mauna Loa volcano's eruption in 38 years threatens populated areas

Iran protests: military reveals how many people killed so far; 'official' death toll below NGO estimates

Iran protests: military reveals how many people killed so far; 'official' death toll below NGO estimates

Four-day work week: 100 UK firms sign up for permanent three-days week off

Four-day work week: 100 UK firms sign up for permanent three-days week off

Why 3 men spent 11 days on rudder of ship, braving dangerous waves to reach Spain's Canary Islands

Why 3 men spent 11 days on rudder of ship, braving dangerous waves to reach Spain's Canary Islands

More videos

USA reacts to China protests against Xi Jinping's strict Covid lockdown policy

USA reacts to China protests against Xi Jinping's strict Covid lockdown policy

FIFA World Cup 2022: spectator with rainbow flag runs onto field, interrupts Portugal-Uruguay match

FIFA World Cup 2022: spectator with rainbow flag runs onto field, interrupts Portugal-Uruguay match

What UK PM Rishi Sunak said on India, China in first major speech on foreign policy

What UK PM Rishi Sunak said on India, China in first major speech on foreign policy

WHO renames monkeypox citing racism concerns, here's the new name

WHO renames monkeypox citing racism concerns, here's the new name

USA rail strike threat: 'Will devastate economy' says President Joe Biden

USA rail strike threat: 'Will devastate economy' says President Joe Biden

Pakistan Taliban ends ceasefire, orders strikes across country

Pakistan Taliban ends ceasefire, orders strikes across country

China defends zero-Covid policy in the face of massive protests

China defends zero-Covid policy in the face of massive protests

Ukraine warns of fresh Russian airstrikes on its power grids: reports

Ukraine warns of fresh Russian airstrikes on its power grids: reports

UK woman gets bus route tattooed as gratitude for this reason

UK woman gets bus route tattooed as gratitude for this reason

What is Merriam-Webster's word of the year?

What is Merriam-Webster's word of the year?

Editorji Technologies Pvt. Ltd. © 2022 All Rights Reserved.