Mark Zuckerberg's Letter: Meta Laying Off More Than 11,000 Employees

Meta CEO Mark Zuckerberg said in a letter to his employees on Wednesday about laying off 13% of his staff, or more than 11,000 employees.

Mark Zuckerberg, one of the wealthiest men in the world, said in his letter:

"Today, I'm sharing some of the most difficult changes we've made in Meta's history. I've decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go...

...We are also taking several additional steps to become a leaner and more efficient company by cutting discretionary spending & extending our hiring freeze through Q1."

Shares of Zuckerberg's Meta were up about 7.7% despite the news of the layoffs. The monumental event occurred during a tough time for Meta as its shares sank nearly 20% in late October.

Investors put serious concern about Meta's rising expenses which increased 19% year over year to $22.1 billion.

However, Facebook parent company Meta's overall sales declined to $27.71 billion in the quarter.

Mark Zuckerberg said he wants to take accountability for decisions made for Meta. Besides knowing "Why did Meta lay off?", it's also good to know what the impacted employees will receive.

Mark Zuckerberg said they would get sixteen weeks of pay plus two additional weeks for every year of service.

In addition, Mark Zuckerberg's Meta will cover health insurance for 6 months.