So far, 2023 has not been favorable for Meta, with significant losses in the tech industry exacerbating the company’s expensive efforts to develop cutting-edge virtual technologies, which have not been successful. Due to this, Meta’s CEO Mark Zuckerberg has expressed a keen interest in making 2023 a year of “streamlined operations” for the company, aiming to transform it into “a more robust and agile entity.”
In pursuit of this goal, Zuckerberg has unveiled plans for a fresh round of layoffs at the company over the forthcoming months, resulting in the termination of 10,000 employees, as well as the elimination of approximately 5,000 previously vacant positions.
“Here is the anticipated timeline: in the upcoming months, organizational leaders will disclose reorganization schemes centered on restructuring our structures, scrapping less critical projects, and curtailing our recruitment pace,” expressed Zuckerberg in a message to the staff. He further noted that these initiatives are aimed at bracing for “the likelihood of a prolonged period of this new economic climate.”
Latest: Facebook’s parent company Meta has announced plans to slash around 10,000 jobs in the forthcoming months, marking its second significant round of staff cuts https://t.co/ZcFsX6nHJW
— The Wall Street Journal (@WSJ) March 14, 2023
These layoffs are part of a substantial reorganization initiative for the enterprise, estimated to cost between $3 to $5 billion, with an expectation that the reductions will lead to a decrease in their total operational expenses by $86 to $92 billion.
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