Worst layoffs in global tech industry by Meta, showing 11,000 employees at the door have been hit India Reliable sources gave this information on Wednesday.
In the worst layoff ever in the tech industry after Twitter – in which 90 percent of India’s team was sacked – Meta founder and CEO Mark Zuckerberg laid off nearly 13 percent of the global workforce and hiring through Q1 2023. Freeze extended.
Sources told IANS that the layoffs affected the Meta India team across all verticals, though the exact number of employees affected could not be ascertained.
The Indian unit of META did not immediately comment on a query from IANS.
Meta is expected to have up to 400 employees in the country, and its business is doing relatively well.
Facebook India Online Services, a registered entity of Meta, reported a net profit of Rs 297 crore in FY12, while its revenue grew 56 per cent to Rs 2,324 crore in FY12, according to business intelligence platform Toffler. 1,485 crore in FY21 from Rs.
Last week, Meta announced that its India head, Ajit Mohan, had decided to step down from his role at the company to pursue another opportunity.
Mohan has taken over the Indian operations of Snap, the parent company of Snapchat, which is growing rapidly in the country, especially among the youth.
Meanwhile, Zuckerberg said that as a severance measure, the company would pay 16 weeks of basic pay plus two additional weeks for each year of service, “without limitation”.
“Outside the US, support will be similar, and we will soon follow different procedures that take into account local employment laws,” he said.
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