Meta has sacked over 11000+ employees with a massive severance package of 16 weeks with additional benefits. The latest development inside rumor mills is that Mark Zukerberg-owned Meta is gearing up to impose fees for Facebook and Instagram verification similar to Twitter. There is no confirmation from the company but it’s likely that verified users will have to pay fees by Q2 2023. Moreover, WhatsApp will likely impose fees for special features like voice and video calls. There is a possibility that video calls with only five minutes will be possible for free users. You should note that these are all rumors based on the current market trends.
Elon Musk has announced the imposition of $8 per month for all Verified Twitter Blue users after he took complete charge of the company. In addition to Twitter Blue badge, users will also receive additional bonuses such as higher uploading limit and much more. There are unconfirmed reports that Meta could most likely follow the same path.
The Meta layoffs development is not new because there were speculations in rumor mills about the imminent rampant layoffs that could happen by Wednesday. According to analysts, the current layoffs is one of the major after the inception of Facebook in 2004. Meta has revoked access to affected employees but emails will be active for one day to enable employees to bid farewell.
With the current layoffs, Meta will most likely announce fees for Facebook and Instagram verification by Q1 2023. You can also expect curbs on WhatsApp usage. The main reason for the latest round of Meta layoffs is declining revenue and the management will leave no stone unturned to enhance profits by any means. It’s crucial for the very existence of the company and stakeholders to increase profits. You should note Indian origin investor Sriram Krishnan has strongly defended imposition of $8 verification fees.
Meta has sacked over 13 percent of the overall workforce and had extended hiring freeze until Q1 2023. Commenting on the development, Meta CEO Mark Zuckerberg disclosed that he would like take accountability for these decisions and it’s tough for everyone. He said sorry to all people who are impacted by layoffs. Even though it’s the first round of layoffs, it’s considered to be drastic since 2004. There is a steady decline in the digital advertising market due to COVID-19 and the economic downturn.
It remains to be seen how many people working out of Meta’s India office have been impacted. According to sources, Meta has about 300 to 400 employees in India, and maybe around 150 people could have faced axe. Meta India is managed by Manish Chopra who was previously Director and Head of Partnerships for Meta. Meta had a significant surge in its total revenue for FY 2021-22. The overall net profit spiked to Rs 297 crore, which is 132% increase from the previous year.
In his statement, Zuckerberg revealed that the layoffs have been done to become a leaner organization by reducing discretionary spending and imposing hiring freeze till Q1 2023. Meta will not hire new employees. Moreover, we don’t have any information about the status of the persons who got appointment orders. It’s certain that Meta conducted campus interviews and the fate of the candidates hangs in balance.
Meta will provide 16 weeks of base pay including two additional weeks for each year of service without cap as severance package. The company will pay all remaining PTO time and employees will receive November 15, 2022 vesting. Meta will provide healthcare insurance for people and their families for 6 months. Moreover, the company will also provide three months of career support with an external vendor including early access to unpublished job leads. The problem is that employees on H1-B visa have only 60 day grace period before which they will have to find another work. We have to wait and watch the status of Indian employees.
