Australian Facebook workers are eagerly awaiting to hear if there will be a job after the parent company Meta made major job cuts.
After Twitter’s new owner Elon Musk fired thousands of workers, Facebook founder Mark Zuckerberg announced that he would reduce 11,000 jobs – 13% of Meta’s workforce.
According to Mr. Zuckerberg, the job cuts are coming because he predicted that the company’s “metaverse” – a shared digital universe that includes the internet, video, work, and other media – would explode.
He said Monday, “I take responsibility for it.”
Meta Australia does not disclose the number of staff it employs, but around 180 people are believed to be employed.
24 to 25 Australian workers could lose their jobs if the company cuts 13 percent of its workforce around the globe.
Meta Australia does not disclose the number of staff it employs, but it is believed that there are just over 180. Pictured is a woman seated at a desk.
This is the first time that mass layoffs have been required in the company’s 18-year history.
The pandemic helped tech companies’ valuations reach new heights. But, this year saw a change in the face of decades-high inflation rates and rapidly rising interest rates.
In 2022, Meta shares have lost more than two-thirds of their value.
In a message to employees, Mr. Zuckerberg stated that “not only has online shopping returned to previous trends but also the macroeconomic downturn and increased competition have caused our revenue levels to be much lower than I expected”.
Meta is believed to be in contact with its Australian staff to discuss the cuts. This includes how many jobs will be lost and what compensation will be offered to those who do lose their jobs.
It is more difficult to cut jobs in Australia than it is in other countries, especially in the United States of America.
Services Australia must be notified if a company wants to eliminate 15 or more employees.
Meta pays fired employees 16 weeks of base salary plus two more weeks for each year of service. All remaining time is paid as part of the severance deal.
Despite recent financial woes, including losing half his fortune like losing your bankroll in online casino games NetBet, Mark Zuckerberg (pictured below) still has a value of $US55.9billion
Australian workers will expect at least this in their packages.
The vast fortune of Mr. Zuckerberg has been reduced by half this year. It dropped to $106billion ($US71billion).
He is now the 20th-richest global billionaire, his lowest position since 2014.
He’s still worth $US55.9billion.