According to people familiar with the situation, Meta Platforms Inc., the company that owns Facebook and Instagram, is planning a new round of layoffs and might layoff thousands of workers as soon as this week.
In an effort to run a more efficient business, the largest social networking company in the world is cutting even more positions, on top of a 13% drop in November. In its previous wave of layoffs, Meta eliminated 11,000 employees, marking its first-ever significant mass dismissal. According to a February report by Bloomberg News, the company has also been trying to flatten its structure by offering buyout packages to managers and splitting up entire teams it deems unnecessary. This move is still being finalised and could have an impact on thousands of employees.
According to the persons, who asked not to be named discussing internal affairs, the impending round of cuts is not related to the “flattening” and is being driven by financial aims.
According to the people, Meta has been asking directors and vice presidents to compile names of staff who can be fired due to a slowdown in advertising revenue and a shift in focus to a virtual reality platform called the metaverse.
Meta representative declined to comment on the proposals
On Monday, a Meta representative declined to comment on the proposals. According to the people, this phase of layoffs may be completed within the upcoming week. When Chief Executive Officer Mark Zuckerberg leaves on parental leave for his third child, which may be near, those working on the plan hope to have it finished, according to one source.
Although the November layoffs came as a surprise, the Meta staff had been expecting similar firings. 2023 has been named by Zuckerberg as Meta’s “year of efficiency,” and the business has been pushing that idea to staff members during performance assessments, which were finished last week, according to the sources.
Employees at the Menlo Park, California-based business reported recent increases in anxiety and low morale among colleagues. Some workers expressed concern about receiving their bonuses, which are due to be given out this month, if they lose their jobs first, according to the sources.
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