Are you ready to dive into the latest scoop from the Editor’s Digest? Roula Khalaf, Editor of the FT, has handpicked her favorite stories just for you in this exclusive weekly newsletter. But before you get too comfortable, let’s talk about Meta’s recent shake-up that has left tongues wagging.
- Meta’s Meal Credit Mishap:
- Meta recently axed about two dozen LA employees for misusing their $25 meal credits.
- The terminated staff were caught using these credits to purchase household items like acne pads, wine glasses, and laundry detergent.
- This incident comes hot on the heels of a company-wide restructuring that saw the reshuffling and relocation of teams across WhatsApp, Instagram, and Reality Labs.
It’s no secret that Big Tech firms like Meta offer generous perks to their employees, including free food at their Silicon Valley headquarters. But for those based in smaller offices without cafeterias, Uber Eats or Grubhub credits are the name of the game.
- The Food Credit Fallout:
- Employees receive daily allowances of $20 for breakfast, $25 for lunch, and $25 for dinner in $25 increments.
- Some employees were accused of abusing this system by pooling credits, ordering meals for home use, or splurging on non-food items like toothpaste and tea.
- While occasional violations led to reprimands, repeated abuses led to terminations. One former Meta staffer detailed how they were fired for a seemingly innocent oversight, leading to a surreal experience.
Meta remained tight-lipped about the meal credit scandal, but clarified that the broader layoffs were part of a strategic realignment. This involved relocating teams and employees to different roles based on long-term goals and location strategies.
- Efficiency Drive and Wall Street Cheers:
- Mark Zuckerberg’s efficiency drive, which included thousands of job cuts and the cancellation of low-priority projects, has received a warm welcome from Wall Street.
- Investors are pleased with the company’s renewed focus on artificial intelligence and the metaverse, with Meta’s shares hitting record highs at $577 each.
- Despite the layoffs and restructuring, Meta is forging ahead with its vision, adapting to the changing landscape and setting the stage for a new era of growth and innovation.
In conclusion, Meta’s recent meal credit mishap and subsequent layoffs underscore the challenges and changes facing tech giants in today’s fast-paced environment. As the company navigates these transitions, it remains committed to driving efficiency, embracing new technologies, and delivering value to its shareholders. Let this be a reminder that even the biggest players in the tech industry are not immune to the winds of change.
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