Facebook and Instagram's parent company will lay off 10,000 people and scrap 5,000 openings in its second round of significant cuts in four months
The latest layoffs, announced on Tuesday, come after Meta said in November that it was eliminating approximately 13% of its workforce, or 11,000 jobs, in the single largest round of cuts in the company’s history. In a Facebook post Tuesday, CEO Mark Zuckerberg said the job cuts will take place “over the next couple of months.” “We expect to announce restructurings and layoffs in our tech groups in late April, and then our business groups in late May,” he wrote.
In a “small number of cases, it may take through the end of the year to complete these changes.” “Overall, we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired,” Zuckerberg said. Meta is far from the only Big Tech company to undergo layoffs amid higher inflation, recession fears and a whiplash in pandemic-induced demand.
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