#Zuckerberg staff to products meta stock plus

We’re also extending our hiring freeze through Q1 with a small number of exceptions.

We’ll roll out more cost-cutting changes like this in the coming months. For example, as we shrink our real estate footprint, we’re transitioning to desk sharing for people who already spend most of their time outside the office. Overall, this will add up to a meaningful cultural shift in how we operate. I view layoffs as a last resort, so we decided to rein in other sources of cost before letting teammates go. I’m sure you’ll go on to do great work at other places. Each of you have helped make Meta a success, and I’m grateful for it. The teammates who will be leaving us are talented and passionate, and have made an important impact on our company and community.

The leaders of each group will schedule time to discuss what this means for your team over the next couple of days. This is not a reflection of the great work these groups have done, but what we need going forward. We’re also restructuring our business teams more substantially. Recruiting will be disproportionately affected since we’re planning to hire fewer people next year. While we’re making reductions in every organization across both Family of Apps and Reality Labs, some teams will be affected more than others. But we’re keeping email addresses active throughout the day so everyone can say farewell. We made the decision to remove access to most Meta systems for people leaving today given the amount of access to sensitive information. Outside the US, support will be similar, and we’ll follow up soon with separate processes that take into account local employment laws. We have dedicated immigration specialists to help guide you based on what you and your family need. There’s a notice period before termination and some visa grace periods, which means everyone will have time to make plans and work through their immigration status. I know this is especially difficult if you’re here on a visa.

We’ll provide three months of career support with an external vendor, including early access to unpublished job leads. We’ll cover the cost of healthcare for people and their families for six months. Everyone impacted will receive their Novemvesting.

#Zuckerberg staff to products meta stock plus

We will pay 16 weeks of base pay plus two additional weeks for every year of service, with no cap. After that, every affected employee will have the opportunity to speak with someone to get their questions answered and join information sessions. There is no good way to do a layoff, but we hope to get all the relevant information to you as quickly as possible and then do whatever we can to support you through this.Įveryone will get an email soon letting you know what this layoff means for you. But these measures alone won’t bring our expenses in line with our revenue growth, so I’ve also made the hard decision to let people go. We’re restructuring teams to increase our efficiency. We’ve cut costs across our business, including scaling back budgets, reducing perks, and shrinking our real estate footprint. We’ve shifted more of our resources onto a smaller number of high priority growth areas - like our AI discovery engine, our ads and business platforms, and our long-term vision for the metaverse. In this new environment, we need to become more capital efficient.

I got this wrong, and I take responsibility for that. Not only has online commerce returned to prior trends, but the macroeconomic downturn, increased competition, and ads signal loss have caused our revenue to be much lower than I’d expected. Unfortunately, this did not play out the way I expected. I did too, so I made the decision to significantly increase our investments. Many people predicted this would be a permanent acceleration that would continue even after the pandemic ended. I know this is tough for everyone, and I’m especially sorry to those impacted.Īt the start of Covid, the world rapidly moved online and the surge of e-commerce led to outsized revenue growth. I want to take accountability for these decisions and for how we got here. We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1. I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go. Today I’m sharing some of the most difficult changes we’ve made in Meta’s history. Mark Zuckerberg just shared the following with Meta employees: