According to Zuckerberg, his ambitions for the metaverse remain a priority. “We need to become more capital efficient in this new climate. A smaller set of high priority growth areas, like as our AI discovery engine, our advertising and commercial platforms, and our long-term metaverse vision, have received more of our resources “He composed.
According to reports, Zuckerberg discussed the layoffs with “hundreds of executives” yesterday. According to those familiar with the conversation, “Mr. Zuckerberg sounded dejected in Tuesday’s meeting and acknowledged he was responsible for the company’s errors and that his overconfidence in the company’s growth had resulted in overstaffing.”
Severance compensation for employees who are laid off in the US is 16 weeks of basic salary + two weeks for each year of employment. Additionally, employees will receive six months of health insurance as well as recompense for all unused vacation time. Although there would be “different processes that take into account local employment rules,” according to Zuckerberg’s message to staff, severance will be similar in other nations.
Although layoffs will impact every aspect of the business, “Since we want to hire fewer individuals next year, recruiting will be adversely affected. Additionally, we’re significantly overhauling our business teams “Zuckerberg published.
The company formerly known as Facebook already “cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint,” Zuckerberg wrote. Meta is also “restructuring teams to increase our efficiency” and “cutting discretionary spending and extending our hiring freeze through Q1,” but “these measures alone won’t bring our expenses in line with our revenue growth,” he wrote.