Meta headed for another layoff of 10,000 employees
Job cuts come after Facebook, Instagram parent slashed 11,000 jobs last year in November.
Meta is headed for another layoff, Mark Zuckerberg, the chief executive of the company announced in a Facebook post on Tuesday.
Meta, the $500 billion parent company of Facebook, Meta will be laying off another 10,000 employees, or 13 per cent of its workforce and instituting a further hiring freeze as part of the company’s “Year of Efficiency”.
The 10,000 layoffs represent 11.6% of the 86,482 full-time employees Meta reported as of the end of 2022.
Zuckerberg said Meta also is instituting a hiring freeze, cancelling about 5,000 open job positions.
“Overall, we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired,” Zuckerberg wrote in the memo.
“My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead,” Zuckerberg wrote, adding that the job cuts are “in service of both building a leaner, more technical company and improving our business performance to enable our long-term vision.”
As reported, investors are putting Zuckerberg on notice that his cost-cutting is not going fast enough.
As reported by The Byte, “investors are growing more and more upset at CEO and founder Mark Zuckerberg. … Disgruntled investors have had—and will continue to have—only one choice while he’s still in power: sell, sell, sell.”
The Meta job cuts have also increased the total number of tech workers laid off in the US in 2023 to 138,302 by 485 companies, as tracked by the website Layoffs.fyi.
The other large layoffs in tech this year included 12,000 at Google, 10,000 at Microsoft, 8,000 at Amazon, 8,000 at Salesforce and 6,650 cuts at Dell, reportedly.