Mark Zuckerberg just shared the following with Meta employees:

Today I’m sharing some of the most difficult changes we’ve made in Meta’s history. I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. 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.

How did we get here?

At the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I did too, so I made the decision to significantly increase our investments. 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.

In this new environment, we need to become more capital efficient. We’ve shifted more of our resources onto a smaller number of high priority growth areas — like our AI discovery engine, our ads and business platforms, and our long-term vision for the metaverse. We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint. We’re restructuring teams to increase our efficiency. But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go.

How will this work?

There is no good way to do a layoff, but we hope to get all the relevant information to you as quickly as possible and then do whatever we can to support you through this.

Everyone will get an email soon letting you know what this layoff means for you. After that, every affected employee will have the opportunity to speak with someone to get their questions answered and join information sessions.

Some of the details in the US include:

Severance. We will pay 16 weeks of base pay plus two additional weeks for every year of service, with no cap.

PTO. We’ll pay for all remaining PTO time.
RSU vesting. Everyone impacted will receive their November 15, 2022 vesting.
Health insurance. We’ll cover the cost of healthcare for people and their families for six months.

Career services. We’ll provide three months of career support with an external vendor, including early access to unpublished job leads.

Immigration support. I know this is especially difficult if you’re here on a visa. There’s a notice period before termination and some visa grace periods, which means everyone will have time to make plans and work through their immigration status. We have dedicated immigration specialists to help guide you based on what you and your family need.

Outside the US, support will be similar, and we’ll follow up soon with separate processes that take into account local employment laws.

We made the decision to remove access to most Meta systems for people leaving today given the amount of access to sensitive information. But we’re keeping email addresses active throughout the day so everyone can say farewell.

While we’re making reductions in every organization across both Family of Apps and Reality Labs, some teams will be affected more than others. Recruiting will be disproportionately affected since we’re planning to hire fewer people next year. We’re also restructuring our business teams more substantially. This is not a reflection of the great work these groups have done, but what we need going forward. The leaders of each group will schedule time to discuss what this means for your team over the next couple of days.

The teammates who will be leaving us are talented and passionate, and have made an important impact on our company and community. Each of you have helped make Meta a success, and I’m grateful for it. I’m sure you’ll go on to do great work at other places.

What other changes are we making?

I view layoffs as a last resort, so we decided to rein in other sources of cost before letting teammates go. Overall, this will add up to a meaningful cultural shift in how we operate. For example, as we shrink our real estate footprint, we’re transitioning to desk sharing for people who already spend most of their time outside the office. We’ll roll out more cost-cutting changes like this in the coming months.

We’re also extending our hiring freeze through Q1 with a small number of exceptions. I’m going to watch our business performance, operational efficiency, and other macroeconomic factors to determine whether and how much we should resume hiring at that point. This will give us the ability to control our cost structure in the event of a continued economic downturn. It will also put us on a path to achieve a more efficient cost structure than we outlined to investors recently.

I’m currently in the middle of a thorough review of our infrastructure spending. As we build our AI infrastructure, we’re focused on becoming even more efficient with our capacity. Our infrastructure will continue to be an important advantage for Meta, and I believe we can achieve this while spending less.

Fundamentally, we’re making all these changes for two reasons: our revenue outlook is lower than we expected at the beginning of this year, and we want to make sure we’re operating efficiently across both Family of Apps and Reality Labs.

How do we move forward?

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.

I believe we are deeply underestimated as a company today. Billions of people use our services to connect, and our communities keep growing. Our core business is among the most profitable ever built with huge potential ahead. And we’re leading in developing the technology to define the future of social connection and the next computing platform. We do historically important work. I’m confident that if we work efficiently, we’ll come out of this downturn stronger and more resilient than ever.

We’ll share more on how we’ll operate as a streamlined organization to achieve our priorities in the weeks ahead. For now, I’ll say one more time how thankful I am to those of you who are leaving for everything you’ve done to advance our mission.

Mark

Source: https://about.fb.com/news/2022/11/mark-zuckerberg-layoff-message-to-employees/

Dear Seun Osewa,



We are waiting for you to do likewise.



Best Regards.

Na wa oooo 21,000 persons nor be 21 people oooo. These Employers should also consider that many lives depend on those jobs ooooo

I hear say the guy broke
It’s quite understandable

Dd

Let the world just come to an end abeg

And Jesus said it's finished

It was Twitter last week
Facebook (Meta) this week
Google how next week go be na?

World economy is in trouble. I keep telling those calling me from Nigeria thinking I have too much dollars to send to them.
I let them know that inflation is also very high in the US and money is very precious right now.
I beg stop asking me for money, I have to watch how I spend my money now.
They think it's only Nigeria that's having economic problems.
Besides the US almost all other countries are in real bad shape. The US is still ol, but inflation is high and job cuts will get worse soon.

No paid employment is secured. The earlier you resign and seek your destiny,the better

And una wan crucify Elon Musk for sacking people

Is that not hypocrisy?

E go reach everybody

Reading...

Modified.

Though time ahead.

A serious warning to Professionals leaving their current job for the sake of "JAPA TO" greener pasture.

Zuckerberg ma pa mi na

Twitter did something similar recently and y'all shouting

Please let's support his excellency Mr Peter obi for the president of federal Republic of Nigeria, we are tired of those thief's now,

Without a tribalism and nepotism any sane Nigerian know it's only someone like Peter obi that can now rescue Nigeria from total collapsing, but seriously some ethnic bigot people will just still prefer to hav their own man at the affairs of the country either he is capable or not than to go for what could have been the best solution to all nigerian's current problems, #ObiDatti2023 is certain

lol be like say People don dey borrow Elon Balls dey follow him template....



Tech no be future again oh he beta we start to dey enta Farm the earlier we realize no future is guaranteed.....

Before na Shell nd dem Chevron job people dey use brag buh Covid show people lose job for dere.....

no outrage cause it's not Elon musk, Elon musk didn't even sack half of this , liberals only broadcast only what favours their agenda.

When people say that tech is the future, it proves that they do not properly understand what tech entails.
Downturns in the fortunes of many tech companies have proven that the tech space isn't insulated from the economic strain of the present time.
Who would have ever imagined Facebook downsizing?.

Now, fact is that tech never invented anything. Before modern tech(ICT) began, markets had been around, hospitals were already there, farming had already gone past subsistence levels to highly mechanized operations, manufacturing at every level was already active and even exploding, financial institutions were already well developed ,etc...
What tech essentially brought was a way to make exchanges between goods and services easier and faster in a world that was increasingly globalizing..

The beauty of tech is in its ubiquity. There's just no area of modern life that tech doesn't find application, just nothing!!
The mistake is in looking at tech as an isolated field that is independent of all other systems and that has led to the wide misconception that it is the "future".
No system depends on tech rather tech depends on traditional systems.
The noise will soon die out when people start to realize that anyone can play in the field.
A farmer is in a better position to design softwares or apps that can used to determine how crops respond to agro inputs.
So is a medical doctor who understands the clinical space better able to design and use programs that would be relevant in healthcare. You also cannot imagine someone who lacks real world sales experience to create apps that'd be deployed in an ecommerce environment....
The financial promises can be very misleading..

Dis people no want make person survive for dis life again but God pass dem

WITH A.I.....ONE DAY IT WILL BE..... JUST THE BUSINESS OWNERS AND ROBOTS.

They are paying people to go on vacation.

See as people book space above me like heaven is the motive.

Be your own boss. Don't spend your lifetime building someone elses dream

Please how can write to face book about my account

Omo x 100 Trust other companies to follow suit. Competition is gonna be fierce now.

Las Las everybody go..........

Recession is finally here

The worst still yet to come.

It will cut across every industry’s in months time!