Thursday, June 13, 2024
Outlook India
Outlook Business

Mark Zuckerberg

Bloomberg confirms that the company notified its managers to announce the job cuts on Wednesday

The move comes as part of Meta's "Year of Efficiency" strategy, which includes restructuring teams, cancelling lower priority projects and reducing hiring rates to flatten the organisation

Meta laid off nearly 11,000 employees last year as a part of its cost-cutting measures

For $11.99 per month on the web or $14.99 per month on Apple and Android operating systems, Meta will use a government identification to verify a user's account and give the account a blue badge

In October, WhatsApp banned 23.24 lakh accounts in the country, including 8.11 lakh accounts that were barred proactively

Meta also took down a network of about 900 fake accounts on Instagram and Facebook operated from China by an unknown entity

Employees currently working in this segment will be placed in the ‘Infra’ and the ‘Central Products’

The discussion took place last week when Nick Clegg, Meta's president of global affairs met Union IT Minister Ashwini Vaishnaw and other senior officials from MeitY 

The development comes five months after it raised $255 million from marquee investors including Google, Times Group and Temasek

While many CEOs who went on a guilt trip after announcing retrenchments assured assistance to their sacked employees, it remains questionable how serious are they about keeping their promise