Meta Set To Sack Another 10,000 Employees
Facebook parent company, Meta, has revealed that it will lay off another set of employees, 10,000 to be precise.
This comes barely four months after the company let go of more than 11,000 staff, which was about 13 per cent of its workforce at the time.
Meta CEO, Mark Zuckerberg announced this on Tuesday in a message to company staff.
“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,” he said.
News of the new layoffs increased Meta’s share price by 2 per cent in pre market trading.
The layoffs are a part of a larger restructuring going on at Meta, which will flatten the company’s organizational structure, cancel lower priority projects and reduce its hiring rates.
THE WHISTLER reported back in November last year, when Zuckerberg announced plans to layoff the first set of employees.
He took full responsibility for the job cuts and apologised to those impacted, stating that besides his misplaced optimism, other contributing factors which led to a significant reduction in revenue for the company were; the macroeconomic downturn, increased competition and ads signal loss.
“Today I’m sharing some of the most difficult changes we’ve made in Meta’s history. I’ve decided to reduce the size of our team by about 13 per cent and let more than 11,000 of our talented employees go.
“I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted,” he said.