Facebook Cans 11k Employees, Here’s Who they Fired
Meta Platforms Inc. said it would cut more than 11,000 workers, or 13% of staff across all its businesses (Instagram, Facebook, WhatsApp ect.)
This is Zuckerberg’s and Facebook’s first broad “restructuring” as it deals with a poor digital-ad market and an anemic stock price that fell by 70% this year.
The layoffs add to a wave of job cuts that are rolling through Silicon Valley, where tech giants that added employees by the tens of thousands through the pandemic are now turning around and firing them.
BREAKING: Mark Zuckerberg's video of $META layoffs has been leaked.
Here it is below.
"I want to say, upfront, that I take full responsibility." pic.twitter.com/5cJL3eEudS
— unusual_whales (@unusual_whales) November 9, 2022
In his message to employees, Mr. Zuckerberg talked about META’s strategic direction. “I believe we are deeply underestimated as a company today,” he said. “Our core business is among the most profitable ever built with huge potential ahead. And we’re leading in developing the technology to define the future of social connection and the next computing platform.”
These layoffs amount to the first time in the company’s 18-year history that staff has been massively reduced. Stiff competition from platforms like TikTok, regulatory pressure from governments, and Apple’s rejection of their tracking/advertising model are all reasons Meta is plunging.
But I think we all know that the biggest reason is that people are simply not using Facebook as much as they used to, and no matter what META reports to stockholders, nobody is using the “Metaverse”.
It’s hard to say if the ‘last in the door, first out the door’ principle is in effect with the 11,000 firings, what we do know is META is definitely cutting from its Facebook Journalism Program, it already let go of several top people at the META Journalism Accelerator, a wing of facebook that gave support, training, and grants to local newspapers and journalists…in our opinion Meta’s most noble cause, given how devastating Meta has been to the news business in general.
My journey with Meta is over.
It's been the professional thrill of my life to manage the Meta Accelerator.
4 years ago? me + @dorrine + prayer.
This year: Crossing $110M made from 500+ publishers.
And the Accelerator journey? It's just begun.
— David Grant (@DW_Grant) November 10, 2022
In 2020 Facebook Journalism Project Provided $16 Million in Funding to Support More Than 200 Local Newsrooms, vital support to important small news institutions during the pandemic. To put that in perspective, Zuckerberg reportedly spent $15 Billion on the Metaverse in 2022 alone. To be fair, Zuck probably doesn’t need real reporters in the fake world he’s building.
Twitter & LinkedIn feeds lit up on November 9th with posts from people being laid off at META, and they are from a lot of different sectors.
Tech social scientists
I've been laid off from Meta. Almost 7 years of work there, it really was one of the best opportunities. We're flying to Japan today for two weeks. When I return, I'll need to start looking for new research positions, so please keep me in mind! Might write a book too.
— Alex Leavitt, PhD (they/them) (@alexleavitt) November 9, 2022
An entire VR/AR teams
Just got laid off by Meta along with my entire team. I was one of the lead engineers working on Meta Quest. I am at a loss for words right now.
I truly believed in the VR/AR vision laid out by Mark. I still do. Not sure where this is headed…
— Mik (@autovonbis) November 9, 2022
I've been laid off from Meta. Our entire research/infra org "Probability" was cut.
I deeply appreciate the people who helped me get there, and the great people I worked with for a year and half.
I hope to stay in the Bay Area a while longer, if anyone needs some algorithms.
— Thomas Ahle (@thomasahle) November 9, 2022
Tech Policy Lawyers
Good morning and on the second anniversary of me starting at Facebook I’ve been laid off from Meta. Wish the best to my colleagues who I’ve learned a lot from. My immigration status gives a short period of time to find another job so if you have any leads https://t.co/1gXeKuXNk3
— Ashkhen Kazaryan (@Ashkhen) November 9, 2022
I just got laid off from Meta this morning with no warning. I was the software engineer responsible for the fake notification badges that tricked you into opening our apps. Luckily I’ve already been hired by Twitter.
— Yitzi Safier (@IsaacSafier) November 9, 2022
So far from what I see in my LinkedIn feed, feels like almost everyone who had recently (i.e. in last 6 months) moved from India to Canada to join Meta have all been laid off.
Mostly from what I saw on my LinkedIn TL, it is recent grads rather than older employees.
— Arnav Gupta (@championswimmer) November 10, 2022
Meta’s share price climbed more than 6% on Wednesday after the layoffs were announced.
Zuck told employees that U.S. staffers who are losing their jobs will receive 16 weeks of severance, plus an additional two weeks for each year of employment at the company, and their stock options set to vest in mid-November will still vest. He said repeatedly that he took accountability for the layoffs.
META had 87,000 employees in September 2022, and approximately 76,000 in November 2022…