Zuckerberg admits that Meta may get 710000 salary compensation for massive layoffs due to mistakes.

Facebook parent company Meta CEO Mark Zuckerberg told hundreds of executives on Tuesday that the company would start layoffs on Wednesday morning local time. Earlier reports said Meta would launch the first mass layoffs in the company's history, thousands of people would lose their jobs, probably the biggest layoffs in the tech industry so far this year.

Zuckerberg appeared depressed at Tuesday's meeting, according to people familiar with the matter. He said he was responsible for the company's mistakes and that his excessive optimism about growth led to overstaffing.

Zuckerberg described the widespread layoffs at the conference, noting that hiring and business teams were among them. Meta is expected to make a general internal announcement about the layoffs at around 6 a.m. EDT Wednesday (19:00 Beijing time Thursday), and the details of the layoffs will be notified in the morning.

After the meeting, Meta's various department heads began notifying their subordinates of layoffs and reorganizations. Lori Goler, Meta's head of human resources, told executives that employees who lose their jobs will receive at least four months 'pay as severance. Meta's median annual salary in 2021 is about $290,000 (currently about 2.12 million yuan), ranking among the top U.S. companies, equivalent to 177,000 yuan per month and nearly 710,000 yuan in four months, according to U.S. media reports.