Following Twitter’s decision to lay off thousands of its employees last week, another tech giant-Meta, which owns Facebook, Instagram, and Whatsapp, announced that it will cut 13% or more or less 11,000 of its employees “to scale back expenses and transform its business in a more competitive digital advertising market”.
In a video, Meta’s CEO Mark Zuckerberg said that laying off the people behind the success of his company is one of the hardest decisions he has made in almost two decades of leading the company
“I want to say upfront that I take full responsibility for this decision. You know, I’m the founder and CEO. I’m responsible for the health of our company, for direction and for deciding how we execute that, including things like this. And this was ultimately my call. It was, you know, one of the hardest calls that I’ve had to make in the 18 years of running the company,” Zuckerberg said.
“A lot of why it’s hard is obviously it has s big impact on your lives. But also, for our mission, we we’re losing people, who, you know, you’ve really put your heart and soul into this place and each of you is talented and passionate. Each of you has played a role in making Meta the success that it is. And no matter what team you may have worked on, each of you played a role in contributing to the products that billions of people use to connect every day,” he added.
Both Twitter and Meta cite the growing competition on advertisers with their biggest rivals TikTok and Snapchat as the main reason for the large scale workforce cut.
In interviews, new Twitter owner billionaire Elon Musk was quoted to have said that “a number of major advertisers have stopped spending on microblogging platform after the finalization of his acquisition of the company.
And so with Meta, who is reported to be bleeding revenues from an unprecedented loss of daily users and increasing expenses as they push for the metaverse next year.
Twitter employees tweeted their grievances on their sudden termination from the company.
“Just got remotely logged out of my work laptop and removed from Slack. So sad it had to end this way,” a Twitter employee tweeted.
“Yep, the team is gone. The team that was researching and pushing for algorithmic transparency and algorithmic choice. The team that was studying algorithmic amplification. The team that was inventing and building ethical AI tooling and methodologies. All that is gone,” Twitter’s Senior Engineering Manager Joan Deitchman tweeted.
Not as hostile as with Twitter, META promised every worker that was laid off would receive 16 weeks of base pay and two additional weeks for every year worked. The company will also cover their health-care costs for six months.
Zuckerberg also said that the company had cut off access to most Meta systems for displaced workers but that their email would remain “active throughout the day so everyone can say farewell.”