Meta cuts another 10,000 jobs in new slimming round amid worsening tech layoffs
Cost-reduction measures in ‘year of efficiency’ will help Facebook parent cut costs by $3-5 billion
Facebook parent Meta" target="_blank">Meta Platforms Inc.., (Meta) will cut about 10,000 jobs in the next few months.
The company, which also owns the popular chat platform WhatsApp and social media site Instagram, would launch its second wave of mass layoffs to usher in a “year of efficiency” and become more efficient in a difficult economy.
New economic reality
The Wall Street Journal said Zuckerberg said in an email to staff the company would cut recruitment teams first, “followed by restructuring and layoffs in its technology groups in late April.”
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According to Zuckerberg, many managers will “become individual contributors” with up to 10 direct reports. “It’s well-understood that every layer of a hierarchy adds latency and risk aversion in information flow and decision-making… Every manager typically reviews work and polishes off some rough edges before sending it further up the chain.”
The company proposes to cope with changes in the economy, including the end of low-interest rates, growing international tensions and regulatory costs.
