Meta, the parent company of Facebook, Instagram and WhatsApp, has announced the layoff of 10,000 people in a statement. Four months ago, the company laid off 11,000 employees. Meta is the first major tech company to undergo two rounds of massive downsizing.
Mark Zuckerberg“We expect to reduce the size of our team by about 10,000 people,” Meta CEO said in a message to company employees. Meta will close another 5,000 jobs that have not yet been filled, he adds.
The adjustment of 10,000 troops is part of the meta structure change. The company is trying to increase its revenue by focusing on important projects and canceling projects of lower priority. Meta also recruits fewer new recruits.
According to Mark Zuckerberg, 2023 is going to be Meta’s “year of productivity.” Meta will cut operating costs by $5 billion this year.
The increase in economic problems has caused almost all major technology companies in the United States to lay off thousands of workers, except for Apple. In addition to technology companies, a number of Wall Street financial companies such as Goldman Sachs and Morgan Stanley have also started layoffs.
Since the start of 2022, more than 280,000 tech workers have been laid off. 40% of staff reductions have taken place this year.
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