Facebook parent company Meta Platforms’s recent layoff of more than 11,000 employees has impacted its workers in the Middle East and North Africa (Mena) region as well.
The job cuts were announced due to a risky metaverse bet and a decline in advertising revenues.
“We had to let go of 11,000 people globally and unfortunately the Mena team was impacted as well. These departures are purely due to needed restructures to face some of the challenging macroeconomic conditions,” said Fares Akkad, regional director for Mena at Meta.
“The team members that are leaving us are some of the most talented, capable and kind people that I have had the pleasure to work with. They would be an incredible asset to any organisation,” Akkad said in a post on LinkedIn.
However, he didn’t disclose how many employees from the Mena office were laid off in the latest cost-cutting measures.
Meta opened its new Mena regional headquarters in Dubai Internet City in March 2022 to support its Facebook users in the region and worldwide.
This was the first mass layoff in Meta’s 18-year history. Meta, once worth more than $1 trillion, has been valued at $256 billion after losing more than 70 per cent of its value this year.
Earlier, Twitter, Snap and Microsoft cut thousands of jobs. On November 4, Twitter laid off 50 per cent of its employees.
Mark Zuckerberg, CEO of Meta, blamed macroeconomic downturn, increased competition and drop in advertising revenues for the massive layoff.
However, Akkad added that if any company has an opening, they can share the details with him and he will personally refer his former colleagues that are suitable for the role.
“If you have any openings please share them with me and I am happy to personally refer any of these great people,” he added.
Raises the benchmark repurchase rate by 25 basis points to 6.5 per cent, the sixth and smallest increase since May when it stood at four per cent
WLP initiative will improve trade connectivity to further nurture a collaborative business environment in South Africa; WLP signed 15 partnership agreements in South Africa since its inception in 2020
The Chamber organised its fourth interactive workshop to discuss enhancing the sector's competitiveness and growth
The cryptocurrency has been trending to the upside on favourable macroeconomic winds, but uncertainty remains and could hinder any bullish momentum