In a new ultimatum – Meta tells employees to find a new job or leave after 30 days
Meta issues a new ultimatum to employees, telling them to find a new job or leave after 30 days.
According to a new Wall Street Journal report, Meta Platforms, formerly Facebook, has informed certain employees that they must find another job within the company within 30 days or face termination during the company’s restructuring.
Employees who are scheduled to be let go if they do not find a new job within 30 days have been put on a “30-day list.”
The stern warning comes as the social media behemoth tries to cut costs by 10%. A Meta spokesperson confirmed to the WSJ that the reports of employee relocation are true.
“We’ve been open about the need for our teams to shift to meet… challenges,” Tracy Clayton, a Meta platforms spokesperson, told the outlet.
In July, Meta reported on earnings, stating that the company’s shares had lost approximately 50% of their value by the end of Q2 2022. The company also forecasted a larger-than-expected revenue loss and a bleak outlook for the third quarter.
“This is a period that demands more intensity, and I expect us to get more done with fewer resources,” CEO Mark Zuckerberg said of the company’s upcoming restructuring and cuts at the end of Q2. “I believe we will emerge from this period as a stronger and more disciplined organization.”
The exact number of layoffs has not been disclosed by Meta.
“Any company that wants to have a long-term impact must practice disciplined prioritization and work with a high level of intensity to achieve goals,” a Meta representative told Insider. “These reports are consistent with this focus and what we’ve already shared publicly about our operating style.”
On Friday morning, Meta was down more than 2% since the market opened.