Meta, the company behind Facebook, WhatsApp, Instagram, and Oculus VR, has shed 13% of its team, a number that equates to more than 11,000 employees. Founder and CEO Mark Zuckerberg shared the news in a solemn message to Meta workers today, describing the decision as “difficult” and how he wants to take accountability for the decisions that led the company to its current state, which includes spending $15 billion trying to build the metaverse—something that has been envisioned by some as the future of the internet, centering around virtual reality. It was just last month that Meta introduced the Meta Quest Pro, a new all-in-one VR headset that costs $1,499.99.
Zuckerberg is offering the following to those who have been terminated:
- Severance. We will pay 16 weeks of base pay plus two additional weeks for every year of service, with no cap.
- PTO. We’ll pay for all remaining PTO time.
- RSU vesting. Everyone impacted will receive their November 15, 2022 vesting.
- Health insurance. We’ll cover the cost of healthcare for people and their families for six months.
- Career services. We’ll provide three months of career support with an external vendor, including early access to unpublished job leads.
- Immigration support. I know this is especially difficult if you’re here on a visa. There’s a notice period before termination and some visa grace periods, which means everyone will have time to make plans and work through their immigration status. We have dedicated immigration specialists to help guide you based on what you and your family need.
From the Meta newsroom:
Today I’m sharing some of the most difficult changes we’ve made in Meta’s history. I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1.
I believe we are deeply underestimated as a company today. Billions of people use our services to connect, and our communities keep growing. Our core business is among the most profitable ever built with huge potential ahead. And we’re leading in developing the technology to define the future of social connection and the next computing platform. We do historically important work. I’m confident that if we work efficiently, we’ll come out of this downturn stronger and more resilient than ever.