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Tech Giant To Fire 10,000 Employees, Cut Thousands More Unfilled Jobs Amid Economic Uncertainty
Meta CEO Mark Zuckerberg announced that as Meta strives for a ‘Year of Efficiency’ in a challenging economy, the company will be laying off around an additional 10,000 employees as well as removing around 5,000 open roles Meta has not yet hired, according to Zuckerberg’s update posted on Facebook.
This is Meta’s second-ever major layoff, and Zuckerberg stated that a main motivation for it is to improve Meta’s financial performance during the challenging conditions confronted by the US economy. “Last year was a humbling wake-up call. The world economy changed, competitive pressures grew, and our growth slowed considerably,” he wrote in the update.
Zuckerberg also wrote that the future looks bleak, stating “this new economic reality” may persist for many years, citing increased interest rates, geopolitical instability, and more regulation as the factors. And as a result, many companies will necessarily cut back on their long-term vision and investments, but not Meta, as it has “the opportunity to be bolder and make decisions that other companies can’t.”
By letting go tens of thousands of employees, Meta believes it will be more efficient without sacrificing its long-term plan of being the vanguard of the metaverse, with Zuckerberg stating the company is “working on some of the most transformative technology our industry has ever seen.” He also wrote that Meta’s biggest investment ever is in pushing forward AI and incorporating it into all of its products.
Not only is Meta laying off thousands of employees, but also slowing down hiring rates, so Zuckerberg decided to notify recruiters on March 15 whether they will be fired. Alternatively, Meta will announce restructuring and letting go of tech employees in late April and business groups in late May.
Meta did not immediately respond to the Daily Caller News Foundation’s request for comment.
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