In Another Round Of Layoffs, Meta Begins Sacking Of 6,000 Employees
Facebook parent company, Meta, has yet again begun plans to lay off an estimated 6,000 people from its workforce on Wednesday.
The company’s employees had already anticipated the layoffs however, as CEO Mark Zuckerberg announced in a blog post back in March that the company would cut 10,000 jobs over two rounds of layoffs, one in April and one in May.
While April’s job cuts focused more on tech staff, those of this week is targeted at business roles. The layoffs all serve as part of Meta’s ‘Year of Efficiency’, where the company aims to restructure drastically and save itself money.
A number of employees working in departments like recruiting, marketing, corporate, engineering, and communications shared on their LinkedIn accounts that they had been laid off on Wednesday.
“Since we reduced our workforce last year, one surprising result is that many things have gone faster. In retrospect, I underestimated the indirect costs of lower priority projects,” Zuckerberg wrote in his March blog post.
In total, around 21,000 employees have lost their jobs at Meta since November last year.
Shares in the company have risen by 0.5 per cent, and have more than doubled in value this year.
Meanwhile, the company is still pumping money into its virtual reality, or metaverse, Reality Labs unit, which cost about $13.7 billion in 2022.