Further mass layoffs result from Meta's "year of efficiency."

March 14, 2023



(RT) βΈ»


Facebook's parent company Meta will cut 10,000 of its global workforce in the coming months, CEO Mark Zuckerberg announced in an open letter to staff on Tuesday. This follows similar cuts in November which saw more than 11,000 workers laid off, or about 13% of its entire staff. Zuckerberg also informed Meta's workforce that the company is to close 5,000 open roles that have not yet been filled, as he cautioned about the "possibility that this new economic reality will continue for many years." Meta's share price rose by more than 5% following the news. The cuts come after Zuckerberg said in February that Meta planned on cutting elements of its business which were deemed to be underperforming, as well as removing "layers of middle management." Meta has continued to fund its ambitious virtual reality and augmented reality technologies, but the 'Metaverse' virtual reality platform designed by the company's Reality Labs subdivision is estimated to have lost in excess of $13.7 billion last year. Meta's cuts follow similar moves announced recently by some of the biggest names in the global tech sector, including Amazon, Zoom and eBay.

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