Facebook’s parent company launches social plan and plans to cut 11,000 jobs

Meta, the parent company of Facebook, announced Wednesday the loss of 11,000 jobs, or about 13% of its workforce, a large-scale social plan in a technological sector heavily affected by the economic crisis. “Today, I share some of the most difficult changes we have made in the history of Meta”, announced the boss of the group, Mark Zuckerberg, in a message addressed to the employees. “I have decided to reduce the size of our team by approximately 13% and to part with 11,000 of our talented employees”.

“I want to take responsibility for those decisions and how we got here. I know it’s difficult for everyone, and I’m especially sorry for those affected,” added Mark Zuckerberg. Meta did not immediately specify the geographical distribution of the job cuts. Hiring within the group, which also owns the social network Instagram and the instant messaging service WhatsApp, is also frozen until the end of March 2023.

Meta has lost 70% of its stock market value since January

The group, which had some 87,000 employees worldwide at the end of September, reported disappointing financial performance in the third quarter with a sharp decline in sales and profits, as well as a stagnation in its number of users. . This poor health record has accelerated the tumble of the company’s stock, which has lost a total of more than 70% since the start of the year on the Nasdaq. Mark Zuckerberg also announced on this occasion that the group’s workforce would not increase and could even decrease by the end of 2023.

In the United States, terminated employees will receive 16 weeks of base pay and two additional weeks of pay for each year of service. The company will cover their health insurance for six months. It is also committed to helping non-US employees with their work visa procedures.