• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Saturday, February 4, 2023
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

Facebook-owner Meta to cut 11,000 jobs

Citi NewsroombyCiti Newsroom
November 9, 2022
Reading Time: 3 mins read
ShareShareShareShare

Meta, which owns Facebook, Instagram and WhatsApp, has announced that it will cut 13% of its workforce.

The first mass lay-offs in the firm’s history will result in 11,000 employees, from a worldwide headcount of 87,000, losing their jobs.

Meta chief executive Mark Zuckerberg said the cuts were “the most difficult changes we’ve made in Meta’s history”.

The news follows major lay-offs at Twitter, which cut about half its staff, and other tech firms.

“I know this is tough for everyone, and I’m especially sorry to those impacted,” he wrote in a statement.

Mr Zuckerberg blamed massive long-term expectations for growth based on the firm’s rise in revenue during the pandemic.

“Many people predicted this would be a permanent acceleration,” he wrote, “I did too, so I made the decision to significantly increase our investments.”

Instead, he said “macroeconomic downturn” and “increased competition” caused revenue to be much lower than expected

“I got this wrong, and I take responsibility for that,” he said.

The announcement of job cuts was widely expected.

Mr Zuckerberg told hundreds of Meta executives of the plans on Tuesday, the Wall Street Journal reported.

Priorities

Mr Zuckerberg said the company would focus on high-priority growth areas, like artificial intelligence, advertising, and “our long-term vision for the metaverse”.

Meta will also cut costs elsewhere – including reducing its spending on buildings and offices, and increasing desk-sharing.

Affected Meta employees will receive an email soon, he said and will have an opportunity to ask questions.

US employees will receive redundancy payments worth 16 weeks’ pay plus a week for every year worked. Additional benefits will also include continuing to provide family health insurance for six months.

Support outside the US will be similar, but there will be a separate redundancy process to take into account local employment laws.

Source: BBC
ShareTweetSendSend
Previous Post

Supreme Court throws out Abronye’s suit against ‘double-salaried’ MPs

Next Post

Col. Damoah sues Special Prosecutor over Labianca report

Related Posts

24 cocoa licensed buying companies indebted to COCOBOD

January 31, 2023
Education

Put on hold ongoing mass transfers – Teachers in Western Region

January 31, 2023
Business

PAC complains about ECG’s $600m debt to Bui Power Authority

January 31, 2023
News

Security group warns of increase in cyber-attacks on financial institutions

January 17, 2023
News

Effective Living Series: 15 skills to make you stand out in 2023 and beyond

January 17, 2023
General

Veronica Safoa elected President of Educational Communities Worldwide Board of Directors

January 17, 2023
Next Post
Colonel (Rtd.) Kwadwo Damoah

Col. Damoah sues Special Prosecutor over Labianca report

TOP STORIES

The Spelling Bee 2023: N’Adom Darko-Asare retains title in impressive style

February 4, 2023

Economic crisis affecting NPP’s campaign message for 2024 – Alan

February 4, 2023

Road Safety Authority advocates for dualisation of major roads to reduce crashes

February 4, 2023
Load More
ADVERTISEMENT
Citinewsroom – Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2021 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos

© 2021 All Rights Reserved Citi Newsroom.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT