Meta‘s second round of layoff: 10,000 affected

By: Aman Singh

|

Updated on: 15-Mar-2023

4,132 views

Follow Us:

4,132 views

CEO Mark Zuckerberg wrote in a memo to colleagues, "We intend to reduce our team size by around 10,000 people and to close about 5,000 more open roles that we haven't yet filled.

Only four months after firing 11,000 employees, Facebook parent company Meta Platforms became the first Big Tech company to announce a second round of significant layoffs on Tuesday, announcing that it would slash 10,000 jobs.

In an email to staff members, CEO Mark Zuckerberg stated, "We expect to close around 5,000 more open roles that we haven't yet filled and reduce our team size by roughly 10,000 employees.

Corporate America has experienced a wave of widespread job losses as a result of the weakening economy, from Wall Street banks like Goldman Sachs and Morgan Stanley to Big Tech companies like Amazon.com and Microsoft.

According to a portal that tracks layoffs, the tech sector has fired more than 280,000 workers since the beginning of 2022, with roughly 40% of those firings occurring this year.

An advertising expenditure downturn following the epidemic from businesses dealing with high inflation and rising interest rates has been difficult for Meta, which is investing billions of dollars to create the futuristic metaverse.

Throughout its 18-year history, Meta's decision to reduce personnel by 13% in November represented the first round of mass layoffs. At the end of 2022, it had 86,482 employees, 20% more than the previous year.