The Facebook owner Meta said it would axe more than 11,000 staff, equivalent to 13% of its workforce, as its founder and chief executive Mark Zuckerberg admitted he “got [it] wrong” and things are much worse than he expected.
Meta said it would pay 16 weeks of base salary plus two additional weeks’ pay for every year of service as part of its severance packages, and all remaining paid time off. Employees will also get cost of healthcare for six months and those affected will receive their 15 November vesting.
Zuckerberg said: “Unfortunately, this did not play out the way I expected.
“Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition and ads signal loss have caused our revenue to be much lower than I’d expected.
“I got this wrong, and I take responsibility for that.”