For The First Time Ever, Facebook Parent Meta Rescinds Full-Time Job Offers Amid Recession Fears

After a forgettable year that saw Meta drop out of the world's 20 largest companies list as its shares bled and its market value plummeted amid disappointing financial results and mass layoffs, Facebook's parent company has now done something it has never done before.

Meta Rescinds Full Time Job Offers For The First Time

reuters

Meta has reportedly rescinded full-time employment offers to some people, which is a first for the company as it never took back job offers in its history.

This comes as both the IMF and the World Bank have warned that the world will enter a global recession this year.

According to tech writer Gergely Orosz, Meta has rescinded job offers in London, "As I confirmed with developers impacted. New grads with offers due to start in February have been taken back in bulk. I know of about 20 people so far".

"This is the first time I'm aware that Meta is taking back signed, FTE (full-time employment) offers," Orosz said in a tweet, as per IANS report.

Meta's position until now was that FTE offers were "NOT at risk, up to even a week ago."

In October last year, recruiters made it clear to candidates worried about their Meta offers that these were safe, according to Orosz.

Also Read: Mark Zuckerberg Lose $11 Billion In A Day As Meta Shares Bleed

Meta's mass layoffs

According to the report, Meta's worst layoff in the global tech industry, which saw 11,000 employees laid off, had hit India teams as well, albeit marginally.

In November of last year, Meta CEO Mark Zuckerberg fired approximately 13% of the global workforce and extended the hiring freeze through Q1 2023.

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CEO Zuckerberg, who had fallen out of Forbes Top 10 Richest American List for the first time in seven years in 2022, had said that as a severance measure, the company will pay 16 weeks of base pay, along with two additional weeks for every year of service, "with no cap."

"Outside the US, support will be similar, and we'll follow up soon with separate processes that take into account local employment laws," he had said, as per the report.

Amid global recession fears, several tech companies, such as Twitter, Amazon, Microsoft, Salesforce, HP, etc., have been laying off employees. Besides Elon Musk¡¯s Tesla, automaker giant Ford is also among the list of firms doing layoffs.

Also Read: Meta Raises $10 Billion In Its First Ever Bond Offering

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