Meta CEO Mark Zuckerberg said in a letter dated Nov. 9 that 13 percent of the company’s workforce, or more than 11,000 employees, is being laid off.
“Today I want to announce the most difficult change in the history of Meta, I have decided to reduce the size of our team by 13%,” he said in his letter.
According to media reports, Meta’s shares fell 4 percent after the report of layoffs.
This is the first time in Meta’s 18-year history that so many employees are being laid off from the company.
“It’s a sad moment but there was no other option,” Mark Zuckerberg said.
The employees who are being laid off will be paid 16 weeks’ salary while the company will also cover the cost of health insurance for 6 months.
Meta’s market value was more than 1000 billion dollars a year ago, which has now decreased to 270 billion dollars.