In 2023, Meta has faced challenges in the tech sector and high costs in developing advanced virtual technology, leading CEO Mark Zuckerberg to prioritize efficiency for the company this year. Zuckerberg aims to make Meta a more agile and robust organization by streamlining operations.
As part of this initiative, Zuckerberg announced a series of layoffs scheduled over the coming months, affecting 10,000 employees and eliminating 5,000 vacant positions. These changes will involve restructuring, scaling back on certain projects, and reducing hiring activities to adapt to the uncertain economic landscape.
“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 communicated in a message to Meta employees. This strategic move aims to address the potential long-term economic challenges the company may face.
These layoffs are a significant part of Meta’s restructuring strategy, estimated to cost between $3 to $5 billion. However, the company anticipates that these actions will ultimately decrease their operating expenses by $86 to $92 billion.
Breaking: Facebook parent Meta said it would cut roughly 10,000 jobs over the coming months, its second major round of major layoffs https://t.co/ZcFsX6nHJW
— The Wall Street Journal (@WSJ) March 14, 2023
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