SNEAK PEEK
- Meta lays off 13% of its workforce while taking full accountability for the decisions taken by CEO Mark Zuckerberg.
- Mark Zuckerberg provides a severance package that equals a pay of 16 weeks plus two extra weeks for each year of service to its laid-off employees.
- Other major companies like Twitter and Stripe have also laid off 50% and 15% of their employees, respectively.
The layoffs have not only been in Meta, but other technology companies in the industry have also announced the layoffs, including Twitter laying off its 50% of employees and Stripe cutting off its headcount by 14%.
The CEO and co-founder shared in a statement,
I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry for those impacted.
Mark Zuckerberg has provided a severance package that equals 16 weeks of pay plus two extra weeks for each year of service. Moreover, with all the outstanding restricted stock vesting, the laid-off employees will be paid for all remaining unused time off. Moreover, the laid-off employees and their families would also get a paid health insurance plan for the next six months.
This has come into account when the losses of $67 billion in market stock value are predicted ahead of the year 2023. With this report, the earlier Wall Street Journal reports have resulted in the reality, leading to a significant economic imbalance among the meta workers.
