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Facebook’s parent company, Meta, announced Tuesday that it will cut 10,000 jobs and close 5,000 other vacancies that have not yet been filled.
Co-founder and CEO Mark Zuckerberg wrote in a blog post that the restructuring plans focus on canceling lower-priority projects and reducing hiring rates.
“With fewer hires, I’ve made the difficult decision to further reduce our recruiting team,” he said. “We expect to announce restructuring and layoffs in our technology groups at the end of April and then our business groups at the end of May. . In a few cases it may take until the end of the year to complete these changes.”
Zuckerberg called 2023 the year of “efficiency” and said the cuts would help build a “leaner and more technological company,” adding: “In our year of efficiency, we will flatten our organization by removing many layers of management.”
Meta laid off more than 11,000 workers in November, reducing its workforce by 13%.
The company’s stock rose 5.6% to $191.12 at 9:50 a.m. EDT on the Nasdaq after the announcement. It closed Monday at $180.90 a share.