Sources inform “Globes” that teams at the R&D center of Meta (Facebook) in Tel Aviv have started notifying staff of layoffs. Unlike in the US, where thousands of employees received e-mail messages at 6 am informing them that they had been dismissed, in Israel those being laid off are informed at a hearing, in accordance with the law.
As far as is known, the scope of the layoffs at Meta in Israel will be between 50 and 100 of the 900 people employed by the company here, which is in line with the global proportion of 13%. Among the employees being laid off in Israel are R&D personnel and also employees at the local marketing and sales center. To judge from the beginning of the company’s global downsizing, the initial layoffs are of employee recruitment staff, organizational development experts, salespeople and liaison for external partners such as application developers. This is understandable, since Meta intends to freeze recruitment for the next six months, and after Apple made the transfer of data on users between external partners and Meta impossible.
RELATED ARTICLES
Meta to lease more Tel Aviv space despite layoffs
The summonses to pre-dismissal hearings sent out this evening are part of a 13% cut in Meta’s global workforce, over 11,000 people. This is one of the biggest downsizing moves ever in the global tech industry. According to Met’s latest filings, it has over 87,000 employees.
Meta’s share price has fallen by over 70% this year, reducing its market cap from $1 trillion to $255 billion. Following the reports of the layoffs, however, the share price has risen by more than 6%.
Published by Globes, Israel business news – en.globes.co.il – on November 9, 2022.
© Copyright of Globes Publisher Itonut (1983) Ltd., 2022.
For all the latest Business News Click Here
For the latest news and updates, follow us on Google News.
Denial of responsibility! NewsBit.us is an automatic aggregator around the global media. All the content are available free on Internet. We have just arranged it in one platform for educational purpose only. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials on our website, please contact us by email – [email protected]. The content will be deleted within 24 hours.
