Facebook and Instagram parent company to cut WHOPPING 13% of global workforce
Meta will let more than 11,000 employees go, the firm has announced
Facebook and Instagram parent company Meta is to cut its global workforce by 13% and let more than 11,000 employees go, the firm has announced.
Meta founder and chief executive Mark Zuckerberg said the cuts were “some of the most difficult changes we’ve made in Meta’s history”.
“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,” he said in a statement.
“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.”
Meta’s biggest platforms – Facebook and Instagram – have come under increased pressure from sites such as TikTok while the company has also spent billions developing the metaverse – a long-term project of Mr Zuckerberg’s.
He said departing staff would get 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”.
Meta’s European headquarters is in Dublin, with 3,000 employees based in Ireland.
The global announcement will impact full-time Meta employees in Ireland.
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.
Meta has informed the relevant government departments and agencies of its plans, including the Department of the Taoiseach, the Department of Enterprise, Trade and Employment and the IDA (Industrial Development Agency).
It is understood the announcement will not affect the Dublin hub’s status as Meta’s European headquarters and the company intends to proceed with longer-term investment plans in the country.