Watch video: Meta CEO Mark Zuckerberg addresses employees after axing them

As a cost-cutting measure, CEO Mark Zuckerberg laid off up to 11,000 Meta-owned employees. The business stated that the downsizing decision was made as a result of a “macroeconomic slowdown, greater competition, and advertisements signaling loss” in a blog post,  titled “Mark Zuckerberg’s letter to Meta employees.”

“I take full responsibility for this decision,” Zuckerberg said 

Later, in a video chat with each of the fired employees, the 38-year-old software whiz discussed the company’s future prospects. The video footage went viral on social media a few days after he posted it. “I know there must be a range of different emotions.” “I want to say up front that I take full responsibility for this decision,” he said.

“I’m the founder and CEO, I’m responsible for the health of our company, for our direction, and for deciding how we execute that, including things like this, and this was ultimately my call.” 

The payment for employees who have been asked to leave will be 16 weeks of base salary plus an additional two weeks for each year of service. Additionally, they will receive assistance with their immigration, six months of health insurance, and employee career services.

The large layoffs occur as investors have been pressuring Meta to reduce expenditure

The large layoffs occur as investors have been pressuring Meta to reduce expenditure as the firm changes its emphasis away from social media and toward the “metaverse.” According to Zuckerberg, the metaverse will someday supplant cell phones as the most popular form of technology use.

Zuckerberg stated in the post that it will concentrate on growing markets like advertisements, business platforms, and AI discovery engines.

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