Now 10,000 people will lose their jobs, this company has already fired 11,000 employees
Mark Zuckerberg, CEO of Facebook’s parent company Meta, has once again given a big blow to his employees. According to a report, Meta said on Tuesday that it will cut about 10,000 jobs in the second round of layoffs. Let us tell you that Meta is the first Big Tech company to announce the second round of mass layoffs. The company had laid off 11,000 employees about four months ago.
“We expect to reduce the size of our team by approximately 10,000 people and close approximately 5,000 additional open roles,” CEO Mark Zuckerberg said in a message to employees.
The Facebook-parent firm said it expected re-structuring and layoffs to begin in its technology groups in April and the process of impacting business groups in May.
He added “This will be difficult and there is no way around it. It will mean saying goodbye to the talented and passionate colleagues who have been a part of our success. They have dedicated themselves to our mission and I thank them for all their efforts.” Personally grateful.”
Meta shares rose as soon as this news came
The layoffs are part of a wider restructuring at Meta that will see the company flatten its organizational structure, cancel low-priority projects and reduce its hiring rates as part of the move. The news sent Meta’s shares up 2% in premarket trading.
The move illustrates Zuckerberg’s aim to turn 2023 into the “Year of Efficiency,” promising $5 billion in cost cuts from $89 billion to $95 billion.
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A worsening economy has led to massive job cuts in corporate America, from Wall Street banks like Goldman Sachs and Morgan Stanley to giant tech companies like Amazon and Microsoft.
Layoff tracking site layoffs.fyi. According to , the tech industry has laid off more than 280,000 workers since the beginning of 2022.
Meta battling recession after the pandemic
Tech company Meta, which is pouring billions of dollars into building a futuristic metaverse, is battling a post-pandemic slump in advertising spending from companies facing high inflation and rising interest rates.
Meta’s move to reduce its workforce by 13% in November marked the first mass layoffs in its 18-year history. It plans to have a workforce of 86,482 by the end of 2022, a 20% increase from a year ago.
(photo credit-foxbusiness)