WSJ Exclusive News |  Meta's Mark Zuckerberg says he bears responsibility as the company prepares for massive layoffs

Meta

META -0.26%

Platforms Inc. will begin laying off employees Wednesday morning, CEO

Mark Zuckerberg

told hundreds of executives on Tuesday.

The the upcoming layoffs are expected to reach many thousands employees and is likely to be the largest of the year so far in the technology sector, The Wall Street Journal previously reported.

Mr. Zuckerberg appeared dejected at Tuesday’s meeting and said he was responsible for the company’s mistakes and that his overoptimism about growth had led to overstaffing, according to people familiar with the meeting.

Meta’s head of human resources, Lori Gohler, told the group that the employees who lose their jobs will receive at least four months’ salary as compensation, according to people familiar with the meeting.

Mr. Zuckerberg described broad layoffs and specifically mentioned recruiting and business teams as among those facing layoffs. A general internal announcement of the company’s layoff plans is expected around 6 a.m. ET on Wednesday, with specific employees to lose their jobs informed later in the morning.

After the meeting, company directors in many sections of the organization began to notify their subordinates of layoffs and reorganizations.

Inside Meta, employees have been poring over details of upcoming layoffs for days and planning for the worst by forming outside groups with current colleagues and discussing how to use the benefits.

Meta reported more than 87,000 employees at the end of September. Company officials have already told employees to cancel non-essential travel starting this week, the Journal previously reported.

The planned layoffs will be the first major reductions in the number of employees in the company’s 18-year history.

Meta shares fell more than 70% this year. The company highlighted worsening macroeconomic trends, but investors were also spooked by its costs and threats to the company’s core social media business. The growth of this business in many markets has stalled amid strong competition from TikTok and

An apple Inc

AAPL 0.42%

requirement that users opt-in to tracking on their devices has limited the ability of social media platforms to target ads.

After aggressive hiring during the pandemic, the tech industry is facing its biggest layoff in years. Twitter Inc. cuts thousands of jobs under new owner

Elon Musklike him is trying to restructure the company to match his vision while facing widespread concern from advertisers about his new direction.

A click Inc.

I click 2.70%

said in August this will cut approximately 20% of staffor more than 1,000 employees to prepare for what it says will be an expected period of low sales growth that will last until 2023.

Write to Jeff Horwitz c [email protected] and Sam Schechner in [email protected]

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