META has announced it is laying off 13 per cent of its global workforce – with some full-time Irish employees likely to be affected.
The company owns Instagram, Facebook, and WhatsApp, and has recently been hit by rising costs and a weakening advertising market, which it relies heavily on to make money.
Meta CEO Mark Zuckerberg announced the decision this morning to “restructure portions of the company.”
With around 3,000 Meta employees in Ireland, this will affect some full-time Meta employees in the country. It does not affect contract workers employed by third parties.
Zuckerberg, 38, described the massive blow as “the most difficult changes we’ve made in meta history.”
He told staff: “I know this is difficult for everyone and I am particularly sorry for those affected.”
In Zuckerberg’s statement to employees, released today, he outlined the ongoing process for those affected by layoffs in America.
In Ireland, the timelines and processes are defined by Irish Government guidelines which require potentially affected employees to participate in a collective consultation.
In addition to the layoffs, Zuckerberg announced a cut in the company’s discretionary spending and an extension of the hiring freeze.
He added, “We are also taking a number of additional steps to become a leaner and more efficient organization by cutting discretionary spending and extending our hiring freeze through Q1.”
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The company has been heavily focused on Zuckerberg’s Metaverse dream lately, pouring millions into the project.
Meta has informed relevant policy stakeholders including the Department of the Taoiseach, the Department for Enterprise, Trade and Employment and the IDA, according to Meta Ireland.
Meta Ireland said: “As the location of our International Headquarters, Ireland is an integral part of our company and our operations.
“Today’s announcement and process has no impact on the status of Ireland or on our long-term investment plans in Ireland.”
Earlier this week, Twitter began laying off Irish employees following its €45 billion acquisition of Elon Musk.
The social media giant employs 500 people in Dublin and 7,000 around the world, and it is feared half of the company’s global workforce will be axed.
Tanaiste Leo Varadkar is set to meet with government business officials this week to discuss the vulnerabilities of Ireland’s tech sector.
Cuts in the tech sector have sparked fears in the government over the state of an industry that employs tens of thousands of people Ireland.
A senior government source said: “The trend towards layoffs and cutbacks at these big companies has raised serious concerns from the government.”
https://www.thesun.ie/tech/9701876/major-blow-meta-lay-off-irish-workers-mark-zuckerberg/ Huge blow as Meta becomes the latest tech company to lay off workers, Irish staff affected