Connect with us

Hi, what are you looking for?

News

Meta Is Reportedly Laying Off Its 10,000 Employees As Part Of Restructuring

Image Source: rafapress / Shutterstock

2023 has not been kind to Meta so far, with major tech sector losses compounding with the company’s ongoing, extremely-expensive efforts to create next generation virtual technology failing to yield fruit. For this reason, Meta CEO Mark Zuckerberg has expressed a desire to make 2023 a “year of efficiency” for the company, which means making it “a stronger and more nimble organization.”

To this end, Zuckerberg announced a new wave of company layoffs to take place over the next several months, which will axe 10,000 employees in total, as well as remove around 5,000 positions that were previously open.

“Here’s the timeline you should expect: over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates,” Zuckerberg said in a message to employees. He added that these efforts are in preparation to mitigate “the possibility that this new economic reality will continue for many years.”

These layoffs will be part of a major restructuring effort for the company, which is estimated to run them roughly $3 to $5 billion, but with the hope that the cuts will lower their overall operating costs by $86 to $92 billion.

Image Source: rafapress / Shutterstock

You May Also Like

News

In the past year, Peloton, manufacturers of stationary exercise bicycles and treadmills, has been experiencing some severe financial difficulties. The company went through a...

News

While the ongoing supply chain problems affecting the global economy have had the expected effects, they’ve also had some decidedly unexpected effects. Specifically, many...

News

As gas prices continue to rise and consumer confidence drops, not to mention the ongoing war in Ukraine, the European economy is taking a...

News

As the environmental need for electric vehicles becomes more pressing, and the car-buying public becomes more eager for them, automotive manufacturers are getting ready...

News

This morning, Coinbase CEO Brian Armstrong sent a mass email out to his company informing everyone that, as stock and crypto prices slip and...

News

Last week, a former cybersecurity expert for Twitter, Peiter “Mudge” Zatko, released a whistleblower report on the social platform. In his report, Zatko cited...

News

Zelle is a peer-to-peer payment app and service that can be used by individuals to send and receive money, in a similar vein to...

News

Earlier this week, following the third-term victory of Chinese President Xi Jinping, market shares in Hong Kong experienced a sudden, violent sell-off. Xi’s controversial...