Facebook owner Meta will begin laying off employees Wednesday morning, Chief Executive Mark Zuckerberg told hundreds of executives Tuesday, The Wall Street Journal reported.
Seemingly dejected at the meeting, Uckerberg said he was to blame for the company’s missteps and that its over-optimism about growth had led to overstaffing, the report added, citing people familiar with the matter.
Describing broad cuts, he specifically mentioned the recruiting and business teams as those facing layoffs, the report said, adding that an internal announcement of the company’s layoff plans came around 6am Eastern time, which is 11am Irish time is expected.
The individual employees who lose their jobs will be informed in the course of the morning, the report says.
Meta’s human resources chief, Lori Goler, said employees who lose their jobs would receive at least four months’ salary as severance pay, the WSJ reported, citing people familiar with the matter.
Meta employs 6,000 people in Ireland, half of whom are salaried employees.
The company declined to comment on the report.
The latest worrying job news follows Twitter’s decision last Friday to cut half of its global workforce. Meanwhile, payments firm Stripe – which ranks as Ireland’s top tech export to Silicon Valley – is laying off 14 per cent, or 1,000 employees, across its business.
However, there are fears that Meta’s move could be the largest in the recent spate of tech job cuts.
Irish meta workers are said to have braced themselves for an announcement in recent days.
The Wall Street Journal has reported that Meta is planning large-scale layoffs that are expected to affect many thousands of the company’s 87,000 employees worldwide.
Sources said officials at the company have already told employees to cancel non-essential travel starting this week.
The company’s Irish operations include its international headquarters, its Clonee data center both in Dublin and its ‘Reality Lab’ in Cork.
It has already relocated hundreds of employees to its new larger headquarters in Ballsbridge, Dublin 4.
Meta, the parent company of Facebook and Instagram, ranks as one of the top four major tech multinationals in Ireland alongside Google, Apple and Intel.
Mr Zuckerberg had previously warned the company could downsize, telling employees over the summer: “Realistically, there are a lot of people at the company who shouldn’t be here.
“If I had to bet, I’d say this could be one of the worst downturns we’ve seen in recent history.”
After losing significant market share to TikTok, the company is currently trying to develop products and services for the Metaverse, a virtual reality platform that Zuckerberg claims will have over a billion regular visitors within a few years.
The job news comes exactly one year since Facebook changed its name to Meta. During this time, the company’s market value has fallen by 624 billion euros, or three quarters.
https://www.independent.ie/business/technology/meta-will-begin-laying-off-employees-wednesday-morning-mark-zuckerberg-reportedly-tells-execs-42129675.html Meta will begin laying off employees Wednesday morning, Mark Zuckerberg reportedly told executives