{"id":69806,"date":"2022-11-09T16:07:00","date_gmt":"2022-11-09T14:07:00","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=69806"},"modified":"2025-09-07T22:10:34","modified_gmt":"2025-09-07T19:10:34","slug":"meta-to-cut-more-than-11000-jobs-in-restructuring","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/meta-to-cut-more-than-11000-jobs-in-restructuring\/","title":{"rendered":"Meta to cut more than 11,000 jobs in restructuring"},"content":{"rendered":"<p>Meta will cut more than 11,000 people (13% of the workforce) as part of a restructuring of its organisational structure. Mark Zuckerberg addressed employees with the <a href=\"https:\/\/about.fb.com\/news\/2022\/11\/mark-zuckerberg-layoff-message-to-employees\/\">\u043e\u0442\u043a\u0440\u044b\u0442\u044b\u043c \u043f\u0438\u0441\u044c\u043c\u043e\u043c<\/a>.<\/p>\n<p>In it he said he bore responsibility for the company&#8217;s missteps, and that his &#8220;excessive optimism about growth&#8221; led to the headcount being bloated.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>&#8220;After the pandemic, a macroeconomic downturn, intensifying competition and ad cuts led to revenues that were far below what I expected,&#8221; said the head of Meta.<\/p>\n<\/blockquote>\n<p>He added that restructuring the teams would cut costs and boost the company&#8217;s efficiency.<\/p>\n<p>The headcount optimization will affect all divisions, but primarily recruiting and business teams. Meta also guaranteed that laid-off US employees will receive:<\/p>\n<ul class=\"wp-block-list\">\n<li>severance pay equal to at least four months&#8217; salary;<\/li>\n<li>payment for unused vacation days;<\/li>\n<li>payouts of the company&#8217;s equity awards;<\/li>\n<li>six months of medical insurance;<\/li>\n<li>three months of career-search support;<\/li>\n<li>immigration support.<\/li>\n<\/ul>\n<p>Employees outside the United States will receive similar assistance, subject to local labour laws.<\/p>\n<p>Meta will also extend the hiring moratorium on new workers until the first quarter of 2023.<\/p>\n<p>According to <a href=\"https:\/\/www.wsj.com\/articles\/metas-mark-zuckerberg-says-he-is-accountable-as-company-preps-for-mass-layoffs-11667941107\">WSJ<\/a>, executives in many divisions have already begun notifying their subordinates of layoffs.<\/p>\n<p>Earlier reports said that on November 9 the company would conduct <a href=\"https:\/\/forklog.com\/en\/news\/wsj-meta-plans-large-scale-layoffs\">the first major round of layoffs<\/a>. By the end of the third quarter it employed 87,000 people.<\/p>\n<p>Since the start of 2022, Meta&#8217;s shares have fallen by more than 70%. The company reported, for the first time in 18 years, a decline in Facebook&#8217;s unique users.<\/p>\n<p>In July\u2013September, the loss of the metaverse unit Reality Labs within Meta <a href=\"https:\/\/forklog.com\/en\/news\/metaverse-focused-meta-units-loss-rises-to-3-7-billion\">amounted to $3.7 billion<\/a> ($9.4 billion year-to-date).<\/p>\n<p>On the eve of Meta&#8217;s third-quarter earnings release, Altimeter Capital Management&#8217;s Brad Gerstner urged Zuckerberg to cut personnel costs by at least 20%, curb investments by at least $5 billion and cap Reality Labs&#8217; development spending at $5 billion per year.<\/p>\n<p>Follow ForkLog&#8217;s bitcoin news in our <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener\">Telegram<\/a> \u2014 cryptocurrency news, prices and analysis.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Meta will cut more than 11,000 people (13% of the workforce) as part of a restructuring of its organisational structure. Mark Zuckerberg addressed employees in an open letter.<\/p>\n","protected":false},"author":1,"featured_media":69807,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[83,1508,1293],"class_list":["post-69806","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-business","tag-mark-zuckerberg","tag-meta"],"aioseo_notices":[],"amp_enabled":true,"views":"13","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69806","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=69806"}],"version-history":[{"count":1,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69806\/revisions"}],"predecessor-version":[{"id":69808,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/69806\/revisions\/69808"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/69807"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=69806"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=69806"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=69806"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}