Meta Chief Executive Mark Zuckerberg spoke to hundreds of executives on Tuesday (local time) and confirmed about laying off employees on Wednesday morning.
Zuckerberg appeared downcast in Tuesday’s meeting and said he was accountable for the company’s missteps. His over-optimism about growth had led to overstaffing, according to people present in the meeting,
The company is expected to cut thousands of employees beginning Wednesday, and this will likely be the largest of the year to date in the tech sector, the Wall Street Journal reported, citing people in the know about the matter.
Employees who are to be laid off will receive at least four months of salary, the newspaper reported. According to the report, Zuckerberg mentioned recruiting and business teams as among those facing layoffs. An internal announcement of the layoff plan is expected at about 6 am Wednesday,
Meta’s head of human resources, Lori Goler, told the group that employees who lose their jobs will be provided with at least four months of salary as severance, according to people familiar with the meeting.Zuckerberg described broad cuts and specifically mentioned the recruiting and business teams as among those facing layoffs. A general internal announcement of the company’s layoff plans is expected around 6 a. Eastern time on Wednesday, with the specific employees losing their jobs informed over the course of the morning,After the meeting, company directors in numerous sections of the organization began notifying their subordinates of cuts and reorganizations.
