Meta is reducing the size of its workforce by about 13 percent and letting more than 11,000 of its employees go in the first mass layoffs in the company’s history. Mark Zuckerberg announced the mass layoffs via a message to employees that Meta posted on its Newsroom. Apart from reducing its team size, the company also announced that it would be cutting discretionary spending and that it would extend its hiring freeze to the first quarter in 2023.
First news of impending layoffs was reportedBy The Wall Street JournalAlso, reported that Meta’s recruiting and business teams would be hit especially hard.
Mark Zuckerberg has been hinting about cuts for some while. During the company’s most recent Earnings call the CEO said Meta could become “a slightly smaller organization” by the end of 2023.He also has reportedly instructed managers to identify people Layoffs, and has Messaged employees that “realistically, there are probably a bunch of people at the company who shouldn’t be here.” The company has already stopped New hiringTake some ProjectsReality Labs
Meta has been losing billions on its investments into the metaverse. Reality Labs have lost more than $1.5 billion. $10 billion2021 According to the company, it anticipates that 2021 will be its year. to lose “significantly” more in 2023. Facebook’s ad revenue has also taken a significant hit due to Apple’s changes to apps’ ad tracking abilities.
Though Meta is cutting a significant number of jobs, it’s not the only major tech company to lay off workers in recent months. Snap laid off around 20%Twitter recently made a significant reduction in its workforce during the summer. About half of its staff following Elon Musk’s takeover.
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