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| Version 1 | Version 2 |
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| Facebook-owner Meta to cut 13% of its workforce | Facebook-owner Meta to cut 13% of its workforce |
| (32 minutes later) | |
| Meta, which owns Facebook, Instagram and WhatsApp, has announced that it will cut 13% of its workforce. | 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. | 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. | 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." | "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 | 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. | "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. |