Facebook-parent Meta Platforms said on Tuesday (Mar 14) it would cut 10,000 jobs, just four months after it let go 11,000 employees, the first Big Tech company to announce a second round of mass layoffs
, the first Big Tech company to announce a second round of mass layoffs.
The layoffs are part of a wider restructuring at Meta that will see the company flatten its organisational structure, cancel lower-priority projects and reduce its hiring rates as part of the move. The news sent Meta's shares up 2 per cent in premarket trading. The tech industry has laid off more than 280,000 workers since the start of 2022, with about 40 per cent of them coming this year, according to layoffs tracking site.
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