Mashable: After Twitter, there is another official wave of layoffs. This time, it's at Facebook parent company Meta, which has recently struggled with declining revenue and ineffective investments due to global economic downturns. More than 11,000 people at Meta are being laid off, or around 13% of the company's total workforce.

Mark Zuckerberg broke the news to staff in a memo that was published on Meta's Newsroom. Every department in the corporation will be touched by the layoffs, perhaps some more than others. Earlier reports had already indicated that Meta was planning on a massive layoff, while Zuckergberg had hinted the possibility at various ocassions during comoany meetings.

The social media company has also extended its hiring freeze through the first quarter of 2023, reduced discretionary expenditure, and reduced headcount.

Zuckerberg has stated his desire to accept responsibility for how Meta got into this situation. Evidently, he decided to substantially raise Meta's investments after a massive revenue surge at the height of the epidemic due to customers' increased spending on e-commerce.

Many experts had projected that this surge in activity would last long after the epidemic was over, he said. However, the bet did not pay off, and revenue was lower than predicted because of the resumption of pre-pandemic e-commerce tendencies and the economic crisis. Thus, Meta has decided to concentrate on its most vital development areas, such as its advertising and commercial platforms and, of course, its long-term goal for the metaverse.

The CEO has promised that an email informing staff of the layoffs would be sent out shortly. In the United States, impacted employees will get 16 weeks of basic pay plus two extra weeks for every year of service, up to a maximum of 52 weeks. It also includes six months of medical coverage for impacted workers and their families.

The company claims it would assist workers in obtaining new employment via the use of a third-party vendor that provides them with information about unadvertised job openings and provides assistance to visa-holding employees through a specialized team of immigration attorneys. Assistance provided to persons in other countries will be comparable, with certain modifications made to comply with local employment rules.

Meta claims that, due to the sensitive nature of the data it has access to, it has already turned off system access for individuals being let go today. However, they will still be able to communicate with the rest of the office through email, since their accounts will stay functional throughout the day.