Meta to Cut Another 10,000 Jobs in Second Wave of Layoffs
Facebook’s parent company, Meta, is planning to cut around 10,000 more jobs in a second major wave of layoffs. Additionally, around 5,000 vacancies will no longer be filled. This comes after last November when Meta had already cut 11,000 jobs, which was around 13 percent of the workforce at the time. Founder and boss Mark Zuckerberg announced that projects with a lower priority are also to be deleted.
Impact on the Company
According to Zuckerberg, the current layoffs and restructuring of the company will likely affect all areas of the business. However, he hinted that non-technical staff will be the most affected. Zuckerberg aims to make Meta a leaner company with flatter hierarchies and a clearer tech focus. Zuckerberg painted Meta’s future in optimistic colors while explaining that the overall economy is rather negative.
Meta faces financial challenges in the present. In addition to misjudgments of the business in the booming Corona times, inflation, and the collapse of advertising opportunities are causing the company to plummet. The TikTok app is also a strong rival in the fight for advertising dollars. On the other hand, Zuckerberg is also investing many billions in the development of virtual “metaverse” worlds.
Tech Giants’ Layoffs
Facebook is not the only tech giant cutting jobs on a massive scale. Thousands of people have already lost their jobs, and the tech companies cut a total of around 160,000 jobs. Some observers see the wave of layoffs as a result of “over-hiring” by tech firms. Companies were less concerned with urgently required jobs and more with fishing good people off the market so that they would not be hired elsewhere.