Tech giant Meta, the company behind Facebook, Instagram and WhatsApp, has confirmed plans to cut more than 11,000 jobs across its global workforce. The major restructuring will reduce staff numbers by about 13 per cent.
Founder and chief executive Mark Zuckerberg said the cuts were “some of the most difficult changes we’ve made in Meta’s history”. He confirmed around 11,000 of Meta’s 87,000-person global workforce would be cut.
In a message to staff today, he said: “I got this wrong and I take responsibility for that.” Mr Suckerberg blamed the “macroeconomic downturn, increased competition, and ads signal loss” for causing a drop in the company's revenue.
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Mr Zuckerberg said he would pay departing staff 16 weeks of base pay plus two additional weeks for every year of service, saying support would be “similar” around the world, but the company would “follow up soon with separate processes that take into account local employment laws”. He also confirmed access to internal staff systems would be removed for people leaving “given the amount of access to sensitive information”, but said email addresses would be active “throughout the day” so that “everyone can say farewell”.
Mr Zuckerberg's statement added: “We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1. 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.”
He said: “This is a sad moment, and there’s no way around that. To those who are leaving, I want to thank you again for everything you’ve put into this place. We would not be where we are today without your hard work, and I’m grateful for your contributions.
“To those who are staying, I know this is a difficult time for you, too. Not only are we saying goodbye to people we’ve worked closely with, but many of you also feel uncertainty about the future. I want you to know that we’re making these decisions to make sure our future is strong.”
Facebook and Instagram, Meta’s biggest platforms, have come under increased pressure from competitors like TikTok. The company has also spent billions developing the metaverse, a long-term project of Mr Zuckerberg’s. However, the platform remains a concept and is not yet active in any substantial way.
Meta’s European headquarters is in Dublin, with 3,000 employees based in Ireland. It is understood redundancies in Meta’s Ireland operation will be in line with the global headcount reduction of 13 per cent, meaning almost 400 employees could be set to lose their jobs.
The global announcement will impact full-time Meta employees in Ireland, but it will not affect contract workers employed by third-parties. It is understood any redundancies in Ireland will be carried out within the country’s statutory framework, with affected employees entering a consultation period.
The announcement comes just days after Twitter cut its global workforce by 50 per cent following the platform’s takeover by Elon Musk. It's understood the social media giant employed more than 7,500 people around the world before Mr Musk's takeover.
Mr Musk has promised to make sweeping changes at the company and has already removed the entire board, leaving himself as the sole executive, and pledged to change how the site handles content moderation. He has also suggested allowing banned accounts, including that of former US president Donald Trump, back on to the site.
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