BREAKING: Meta Lay Offs Over 11,000 Employees

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In one of the year’s largest layoffs, Meta Platforms Inc. (META.O) announced that it will eliminate more than 11,000 employees, or 13% of its staff; as the Facebook parent company confronts rising expenses from its foray into the metaverse amid a sluggish advertising market.

Additionally, the business intends to reduce discretionary expenditure and keep its employment ban in place until the first quarter. 87,314 people were employed by Meta as of the end of September.

The spending spree have wiped off more than two-thirds of Meta’s market value so far this year. However, its shares increased 4.5% to $100.80. More than 11,000 individuals, or 13 percent of Meta’s staff, have been let go. According to Meta, workers will receive their shares that were suppose to vest on November 15; as well as six months of healthcare coverage.

The severance pay-out from Meta will include all remaining paid time off; 16 weeks of base salary, plus two additional weeks for each year of service, according to the business. The company did not disclose the exact charge for the layoffs.

Reuters.

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