CEO Mark Zuckerberg announced 10,000 job cuts, just four months after it let go of 11,000 employees.
Second Round Of Layoffs At Meta: Facebook parent company Meta on Tuesday announced a second round of layoffs which will result in the loss of jobs for 10,000 employees. CEO Mark Zuckerberg announced 10,000 job cuts, just four months after it let go of 11,000 employees. “We expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired,” Chief Executive Officer Mark Zuckerberg said in a message to staff. Meta is the first big tech company to announce a second round of mass layoffs, reported Reuters.
The move is aimed at making the year 2023 the “Year of Efficiency”.Meta aims to keep the expenses between $89 billion and $95 billion in the year 2023.
Many tech companies have gone for mass layoffs due to the deteriorating economy. The tech industry has laid off more than 280,000 workers since the start of 2022, with about 40% of them coming this year, according to layoffs tracking site layoffs.fyi.
Shares of Meta were up 1.9% in premarket trading.
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