We were talking about it just this morning and, sadly, it has already become a reality. After laying off 11,000 workers last November, Meta has made another round of cuts involving the layoff of an additional 10,000 employees in the coming months.
Mark Zuckerberg, the CEO of Facebook and Instagram‘s parent company, has also confirmed that Meta will hire 5,000 new people, although it has not been specified whether these positions will fill those of the laid-off workers.
According to The Verge, a first round of layoffs will take place this week, affecting the hiring department itself, a second in April that will reduce technology positions, as well as a third and final one in May, which will put corporate positions on the street.
Mark Zuckerberg made these layoffs public in a post on his Facebook page. “My hope is to make these organizational changes as early in the year as possible so we can get through this period of uncertainty and focus on the critical work ahead,” the CEO stated.
Rumors of these new rounds of layoffs began in February, when the Financial Times claimed, through two sources close to Meta, that the company was planning to reduce its workforce again this March.
Meanwhile, in Mark Zuckerberg’s “year of efficiency”, Meta has not entirely scrapped its Metaverse project, which has already cost it billions, forcing Zuckerberg himself to buy back $40 billion worth of company shares in order to recover on the stock market. Nor has it stopped investing in virtual and augmented reality, with a series of new products that will see the light of day from this year to 2027, or in new AI.
Meta would thus add another 10,000 employees to the total list of layoffs by the technology industry, which includes big names such as Microsoft, Twitter, Spotify, ByteDance and IBM, and which has continued to grow since the end of the COVID-19 confinements.