Facebook owner Meta to lay off thousands of employees

Meta, the parent company of Facebook and Instagram, is to lay off thousands of employees, equivalent to 13 per cent of its workforce.

Mark Zuckerberg, the company’s CEO, said letting go more than 11,000 employees was one of the “most difficult changes in Meta’s history.”

The layoffs follow similar moves from other US tech giants, including Microsoft, Salesforce and Twitter.

Workers in the US will receive 16 weeks of base pay plus two extra weeks for every year of service. Those outside the US will receive “similar” compensation.

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