Facebook laid off over 11000 employees worldwide following revenue declines

Meta, Facebook’s parent company, announced today that it would lay off approximately 11,000 employees in an effort to reduce expenses following disappointing profitability and revenue declines. The mass layoffs follow cuts at other prominent technology companies, including Elon Musk’s Twitter and Microsoft.

“Today, I’m going to discuss some of the most difficult changes we’ve ever implemented at Meta.” In a blog post today, Meta’s CEO, Mark Zuckerberg, stated, “I’ve chosen to trim our team size by around 13% and let go of over 11,000 of our great employees.”

We are also undertaking a number of additional initiatives to become a leaner and more efficient organization, such as reducing discretionary spending and extending our hiring freeze through Q1, according to Zuckerberg.

Mark Zuckerberg apologized to Meta employees for his actions and accepted responsibility. I’d like to take responsibility for these decisions and how we arrived here. He stated, “I understand how difficult this is for everyone, and my heartfelt condolences go out to everyone.”

Employees would receive 16 weeks of base pay plus two weeks for every year of service as severance pay. Employees will receive healthcare coverage for six months, according to the corporation.

The cuts, which are part of the first significant budget reduction since Facebook’s inception in 2004, reflect a sharp slowdown in digital advertising revenue, an economy on the verge of recession, and Mark Zuckerberg’s heavy investment in a speculative virtual-reality push known as the metaverse.

Zuckerberg emphasized the importance of the company becoming more capital efficient, stating that resources would be directed toward “high priority growth areas” such as its AI discovery engine, advertisements and commercial platforms, and metaverse project.


Rokhan Direkz: Sri Lankan who explores the most dangerous places on the planet

Who doesn’t enjoy traveling? Nonshout met Rokhan Direkz, a Sri Lankan who travels to places around the globe where other tourists doesn’t like to travel. He joined us to talk about his experiences in the countries he visited. How did you come up with this desire to visit challenging locations where most people would not even consider going? My passion for it probably dates back to my early years.

What is included in Sri Lanka’s 2023 budget

The 2023 budget was presented to the parliament this afternoon by Sri Lankan Prime Minister Ranil Wickramasinghe. Estimated government expenditure in this year’s budget is 7,885 billion rupees. It is an increase of 29.2% compared to last year, and in the budget presented for the year 2022, the government expenditure estimate was shown as 6,100 billion rupees. Below are the budget proposals. Urgent steps to develop cinnamon industry More

Pakistan railways raises prices to make up lost revenue

Pakistan Railways has raised the fares of Tezgam, a daily express train service, in order to reduce the projected deficit. Following the floods, railway losses were expected to be at an all-time high, and now the state-owned railway company has raised the economy class ticket of Tezgam from Rawalpindi to Karachi from Rs2,000 to Rs3,500. The price of the Rawalpindi to Lahore rail ticket has gone up from Rs500