Layoffs have been a common affair over the past few weeks. As a cost reduction measure, a host of companies from the crypto space have been reducing their headcount as well. At the beginning of the month, for instance, three companies announced 10%-30% layoffs within a span of merely 12 hours.
It was recently reported that Meta also caught the “layoff bug,” for it was preparing for “large-scale layoffs.” Several had been speculating that the firm’s Reality Labs division will likely lose a substantial number of members. The said metaverse division of the Meta endured a loss of about $3.7 billion during the third quarter of 2022.
Now, in what is the latest development, Mark Zuckerberg confirmed that the company will begin the layoffs tomorrow. In fact, the CEO also said that he was accountable for the same.
Also Read: Meta has caught the “layoff bug” following descent in share price
Meta’s Zuckerberg says he is accountable
During a meeting with company officials on Tuesday, the Meta executive reportedly took responsibility for missteps taken by the company that led to the cuts. Per a recent Wall Street Journal report, Zuckerberg said that his over-optimism about growth led to overhiring.
Lori Goler—the Head of Meta’s Human Resources—told the meeting attendees that employees who are cut will be provided with at least four months of salary in severance. According to WSJ’s unnamed sources, Zuckerberg revealed that the company’s recruiting and business teams would be among those facing layoffs, which are set to begin on Wednesday.
Reportedly, the company directors began notifying their subordinates of the coming cuts right after the meeting. Alongside, it also advised employees to cancel all non-essential company travel ahead of the layoff announcements.
The layoffs are set to be the company’s first in its nearly two-decade history. Meta Platform’s stock closed 0.26% lower on November 8, but noted a 0.39% rise during the after-trading hours.
