11,000 Employees Fired by Meta

Facebook’s parent company Meta Platforms on Wednesday decided to fire more than 11,000 employees. It means around 13 percent of its workforce will lose their jobs. Meta has taken the path of layoffs at other major tech companies like Twitter and Microsoft Corp.

According to authorities of Meta, the employees being fired would get 16 weeks of base pay as well as pay of two additional weeks for every year of service as a part of the severance package. These employees will get the cost of health care for six months.

Most tech companies like Meta, Twitter, and Microsoft had a major boost in profits during the Covid pandemic. But in 2022 their profits and valuations slumped because of high inflation and increasing interest rates. So, they have started massive job cuts.