Mark Zuckerberg Fires Over 11,000 Meta Employees After Spending $15 Billion on Metaverse

Tsing

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Meta, the company behind Facebook, WhatsApp, Instagram, and Oculus VR, has shed 13% of its team, a number that equates to more than 11,000 employees.

See full article...
 
Translation: I'm Running a publicly traded company and the stock holders demand growth in profit every quarter no matter how much money we make. This sucks... so I'm going to do layoffs to appease the stock holders and get rid of a lot of people. Some great.. but in turn I'm giving them a 4 month effective paid vacation even if they land another job tomorrow.

So if they let go of someone that had been with the company for say 14 years (doubtful). 44 weeks paid in severance. Not bad.
 
Those are pretty generous terms. Cobra itself can be thousands per month on top of the severance pay.
 
Those are some nice packages. I bet a very very large percentage of those let go will find themselves re-employed and temporarily earning double pay before the severance runs out.

All of that said, I think the U.S. government should be actively trying to kill silicon valley, unless they permanently and irreversibly stop collecting and using personal data.

Any company that benefits from the use of data that doesn't originate with them deserves to go under.
 
Zarathustra said:
Those are some nice packages. I bet a very very large percentage of those let go will find themselves re-employed and temporarily earning double pay before the severance runs out.

All of that said, I think the U.S. government should be actively trying to kill silicon valley, unless they permanently and irreversibly stop collecting and using personal data.

Any company that benefits from the use of data that doesn't originate with them deserves to go under.
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The times I have had severance it was paid as a lump sum on my last check or a week later. Functionally the same though as long as ppl save accordingly.
 
Oh and full discloser - I work for a Silicon Valley based Company. Nothing to do with Google or Facebook though.
 
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Elf_Boy said:
The times I have had severance it was paid as a lump sum on my last check or a week later. Functionally the same though as long as ppl save accordingly.
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I briefly did some movie grip work when I was much, much, younger and pretty much the same. All the veterans always explained there were 'seasons' of work and the checks could be nice but the trick was to manage your spending in between the projects. I wasn't really into unstable income so it didn't really last.
 
Elf_Boy said:
The times I have had severance it was paid as a lump sum on my last check or a week later. Functionally the same though as long as ppl save accordingly.
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Same here, I didn't mean literally receiving a biweekly check for the period, but who knows, with some of the lengths of time we are talking here, it might actually make sense for them to do it that way.

It's cheaper to pay someone biweekly for 44 weeks, than all in one lump sum. You have to stretch those accounts payable :p
 
I'm betting there was so much fat at meta/facebook that did nothing for the company. Trimming it was a good thing. Musk kind of opened the door to do that.

And Meta's stock has been on a fire sale lately.
 
Zarathustra said:
All of that said, I think the U.S. government should be actively trying to kill silicon valley, unless they permanently and irreversibly stop collecting and using personal data.
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Who do you think ends up with all that data?
 
Zarathustra said:
Same here, I didn't mean literally receiving a biweekly check for the period, but who knows, with some of the lengths of time we are talking here, it might actually make sense for them to do it that way.

It's cheaper to pay someone biweekly for 44 weeks, than all in one lump sum. You have to stretch those accounts payable :p
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Well.......

I do Accounting and Payroll for a living. I get what your saying about the liability and expense accounts for payroll, however in terms of entering, processing, monitoring and reacting to issues (failed deposits etc) the 1 time payment is cheaper and easier.
 
Elf_Boy said:
Well.......

I do Accounting and Payroll for a living. I get what your saying about the liability and expense accounts for payroll, however in terms of entering, processing, monitoring and reacting to issues (failed deposits etc) the 1 time payment is cheaper and easier.
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Fair enough. I was simply thinking from a "optimizing accounts payable" perspective, but maybe I have spent too much time in startups at this point :p
 
Zarathustra said:
Fair enough. I was simply thinking from a "optimizing accounts payable" perspective, but maybe I have spent too much time in startups at this point :p
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I am sure there are situations where it might make more sense. Heavens knows I have heard so many 'unique' stories from our payroll customers about why they want to do 'X.'

-edit-

Oh and I think by company policy since I have brought up my work I need to clearly state I work for Intuit and my thoughts and oppinions are my own.
 
Zarathustra said:
Fair enough. I was simply thinking from a "optimizing accounts payable" perspective, but maybe I have spent too much time in startups at this point :p
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You can also lay off your payroll person after they cut those one-time checks. It's a bit harsher on the cash flow though, as those checks are all gonna clear at the same time.

(Sorry Elf-boy, hope you don't work for Meta)
 
So they have about 100k meta employees.... , but, thats the whole company right? , not just vr I take it? I would ask doing what? But im sure most are all about ads and sales.
 
If meta is certain the meta verse is where all the money is going to be, they should also cut costs by moving all their employees to work from home, assign them all VR helmets, and then sell all the office real estate.
 
Endgame said:
If meta is certain the meta verse is where all the money is going to be, they should also cut costs by moving all their employees to work from home, assign them all VR helmets, and then sell all the office real estate.
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But they just built that new hq with the park on top!!
 
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