After Twitter, major social media sites Facebook, Instagram and WhatsApp are also going to have mass layoffs from Wednesday. Mark Zuckerberg, Chief Executive Officer (CEO) of Meta Platforms Inc. has also approved this.
Zuckerberg said during a downcast meeting that some wrong decisions have led to this condition of the company, for which he himself is responsible. In a conversation with the employees of the company, he has confirmed the layoffs going on in Meta. META currently employs about 87,000 employees, of which about 10 per cent are likely to be laid off. The employees who will be retrenched by the company will get at least four months' salary.
Facebook was founded in 2004. Facebook's market cat has fallen by $ 500 billion this year. Zuckerberg owns about 16.8 percent of Meta Platforms Inc. Zuckerberg's net worth fell by $88.2 billion this year to $37.2 billion as the company's shares fell. Zuckerberg was once at number three in the list of the world's rich, but has now slipped to number 28.