Neelima Agarwal, a software engineer who joined Meta two days ago, posted on professional network site Linkedin that she is among those who have lost their jobs. She said, “I shifted from India to Canada only a week ago and after a long visa process, I started my job at Meta two days ago. company Removed from.” Neelima’s profile on Linkedin shows that she previously worked at Microsoft’s Hyderabad office for two years.
Vishwajeet Jha, who started his job at Meta three days ago after working for more than three years in Amazon’s Bengaluru office, has also been ousted from the company. Jha said, “I joined Meta three days ago after a long wait for visa. It is sad that this has happened. I am with all those who have been hit by layoffs.” The layoffs by Meta did not disclose the number of workers affected in a particular country. The company’s staff in India are also confused about their position. There has been no response from the company’s executives since Meta’s Chief Executive Officer, Mark Zuckerberg, informed about the layoffs.
The business of tech companies grew rapidly during the pandemic and its impact was also seen on their valuations. The valuations of these companies have declined significantly this year due to increase in inflation and interest rates. In a letter sent to employees, Zuckerberg Told “Due to weak macro economic conditions, increased competition and reduction in advertising, our revenue has been much lower than expected. I made a mistake and I take responsibility for it.” He said the company needs to focus its resources on areas with high potential for growth, such as AI, advertising and the Metaverse project. The laid off staff will be given 16 weeks base pay plus two additional weeks base pay for each year of service. Apart from this, the company will also pay for six months of healthcare cost.
(This news has not been edited by NDTV team. It is published directly from syndicate feed.)