Meta has confirmed that it will cut more than 11,000 jobs globally as part of a major restructuring of its business.
Meta is the parent company of Facebook, and is ran by founder and CEO Mark Zuckerberg. It also owns Instagram and WhatsApp, and is worth 288.14 billion dollars.
Founder Mark told employees he "got it wrong" when announcing the restructure, and added that he "took full responsibility" for the redundancies.
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In a statement, the tech giant said: "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 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 to those impacted.”
Meta's biggest social media platforms, Facebook and Instagram, have been under extreme pressure from upcoming sites like TikTok and Twitter, as the company spent millions developing the metaverse.
Mr Zuckerberg confirmed departing staff would get six weeks of base pay plus two additional weeks for every year of service. He also said that support would be similar across the world, but that Meta would “follow up soon with separate processes that take into account local employment laws”.
The founder also noted that access to internal staff systems would be removed for those leaving, due to the "amount of access to sensitive information”.
However, he will keep their email accounts active “throughout the day” so that “everyone can say farewell”.
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