National & International

Facebook and Instagram owner Meta to get rid of more than 11,000 staff

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According to Sky News.

Meta, the owner of Facebook and Instagram, has become the latest big tech player to wield the axe in the tougher global economy, laying off 13% of its workforce

The company announced Wednesday that it will cut its global workforce of more than 11,000 employees as part of a broader business effort to sharply cut costs but hold back controversial investments in the metaverse.

Meta staff were being told what was happening to them individually via email.

Mark Zuckerberg admits personal mistakes have contributed to Meta’s struggles as he apologises for the need to cut so many workers under wider plans to cut costs and refocus the business.

They could notice all was not well in advance because the company said those losing their jobs would be excluded from most of its systems today due to concerns about access to sensitive information.

Those affected in the US would get at least six weeks’ salary as compensation, plus a further two weeks’ wages for every year served

It was unclear if UK jobs would be affected, but the deal was similar elsewhere, the company said. Meta’s European headquarters are in Ireland. Sky News anticipates the loss of some full-time staff, but it is not clear how many will be involved, as country law requires a consultation process to begin.


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