Facebook’s parent company, Meta has announced to layoff more than 11,000 employees in order. The reason stated is to curb the losses after the firm experienced plunging revenue. This layoff accounts to reducing the team by 13% as per Meta’s Chief Executive Mark Zuckerberg.
As a result employees would be receiving 16 weeks of base pay and an additional two weeks for every two years of service. The employees will receive benefits of healthcost for six months. This move suggests that there is a drop in digital advertising revenue amidst the speculated recession which is expected to happen in 2023.