Meta announced a helpless staff cut plan starting Wednesday morning. The Wall Street Journal reports, citing anonymous sources who allegedly attended a meeting between the CEO, Mark Zuckerberg, and the company’s top management. Zuckerberg admitted that he is responsible for the company’s missteps and that his excessive optimism about growth has led to over-staffing, adds the WSJ.
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Zuckerberg described large cuts and specifically mentioned recruiting and business teams among those facing layoffs. Employees who lose their jobs will be notified later in the morning. Meta’s human resources manager, Lori Goler, said they will receive at least four months’ salary as a severance pay, the WSJ always reports, citing people familiar with the matter.
Meta said it had more than 87,000 employees at the end of September. The company declined to comment on the news. Meta promises to be the most impressive job cut among tech companies, after the one already initiated by Twitter, Lyft, Stripe and the other tech giants of Silicon Valley.
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