Meta expects to layoff 10,000 more people, Mark Zuckerberg says
Per Independent
After already letting go of a massive chunk of its staff, Meta will reportedly be laying off 10,000 more people, according to Mark Zuckerberg. This comes just four months after it decreased its staff count by 10,000 individuals.
To add, 5,000 unfilled roles will be left empty on top of its plan to lay off 10,000 individuals. Towards the end of 2022, Meta, the parent company of Instagram, Facebook, and WhatsApp, has let go of around 11,000 individuals, with 10,000 coming from Mark Zuckerberg's massive layoff announcement.
Zuckerberg said that some of the layoffs would be from Meta's recruiting team, while others would come from non-engineering roles. The CEO then said that in April and May, the affected staff would hear about their status.
Zuckerberg: “This will be tough and there’s no way around that,” he wrote in a memo to staff. “It will mean saying goodbye to talented and passionate colleagues who have been part of our success.”
This is part of Mark Zuckerberg's plan for Meta to focus its 2023 on "efficiency" as the company is expected to restructure its business. Included in the announcement was Zuckerberg's plan to decrease management levels within the company.
Recently, Meta has been exploring other business options, including potentially creating a competitor for the Twitter app. The company plans to take advantage of the situation, with Elon Musk being the leader of the social platform, as others were looking for alternatives.
The company plans to adopt a Mastodon-like framework and would allow users to share text updates. This move was referred to as a "defensive" by Thomas Hayes, the chairman and managing member of Greek Hill Capital.
Meta was dubbed the worst-performing stock in the S&P 500 for 2022, dropping 73% and losing $9.4 billion. In Zuckerberg's recent announcement regarding the 10,000 additional layoffs, he made little to no remarks regarding the metaverse spendings.
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