In an expected development, Meta, formerly Facebook has announced that it is reducing 11,000 of its global workforce effective immediately.
The company CEO, Mark Zuckerberg has announced that the company is letting go of 13% of its global workforce.
He also announced that the employees who have been fired will be provided with 16 weeks’ pay as compensation. He stated that he feels devastated to let go off so many employees but that’s how the market situation is currently.
Previously, Twitter let go off over 3500 of its global workforce and now, Meta has announced a similar execution. The recession is well and truly here and the alarm bells are ringing loudly even amongst top global companies.
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