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.
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.
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