Meta Chief Executive Officer Mark Zuckerberg says the company will cut more than 11,000 jobs.
Meta Platforms Inc. Chief Executive Officer Mark Zuckerberg said the company will cut more than 11,000 jobs in the first major round of layoffs in the social media giant’s history.
The company said that while reductions will happen across the company, its recruiting team will be disproportionately affected, and its business teams would be restructured “more substantially.” Meta will also reduce its real estate footprint, review its infrastructure spending and transition some employees to desk sharing, with more cost-cutting announcements expected in the coming months.
In a particularly chaotic round of dismissals, Twitter Inc. cut roughly half of its workforce last week with many employees finding out they’d lost their jobs when they were suddenly cut off from Slack or email. Zuckerberg had warned employees in late September that Meta intended to slash expenses and restructure teams to adapt to a changing market. The Menlo Park, California-based company, which also owns Instagram and WhatsApp, implemented a hiring freeze, and the CEO said at the time that Meta expected headcount to be smaller in 2023 than it is this year.
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