Layoffs at Meta: 10,000 Workers to Feel the Pain | Meta Layoffs | Facebook Layoffs
Layoffs at Meta: 10,000 Workers to Feel the Pain in Major Restructuring
Layoffs at Meta: 10,000 Workers to Feel the Pain | Meta Layoffs | Facebook Layoffs
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What's The News? (Short Description in Summary)
Meta Platforms, the parent company of Facebook, has announced that it will be cutting 10,000 jobs as part of a larger restructuring plan. The company will also cancel hiring plans for 5,000 positions and flatten middle management layers. The move comes in response to a post-pandemic slump in advertising spending and worries of an economic downturn due to rising interest rates. Meta's CEO, Mark Zuckerberg, has promised to turn 2023 into the "Year of Efficiency", and expects expenses to come in between $86 billion and $92 billion. The layoffs will primarily affect management and administrative roles, while engineering and product positions will be cut to a lesser extent. The move marks the second round of mass layoffs at Meta, with the first being announced in November 2021, which resulted in 11,000 job cuts.
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