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Mark Zuckerberg’s Meta has again decided to lay off 10,000 employees. It had recently laid off more than 10,000 workers. The company has taken this decision when there are signs of deterioration in the world’s economies recently and it is said that economic recession has hit many countries. Downsizing has started in many companies as a cost reduction.
A report in The Wall Street Journal said that in an email to employees on Tuesday, Meta CEO Zuckerberg said the company would cut jobs in several rounds over the next few months. Along with this, the company will cancel several projects and reduce recruitment. In addition to cutting 10,000 jobs, Meta will not be able to fill 5,000 vacant positions, the report says.
“I think we should prepare for the possibility that this new economic reality will continue for many years,” Zuckerberg said in a message to employees, Reuters reported. He has said that it will be difficult and there is no way around it. “It will mean saying goodbye to the talented and passionate colleagues who have been part of our success,” he said, as reported by the AP.
Earlier in November, Meta had announced that it would lay off 13% of its workforce, i.e. more than 11,000 employees. It was said that for the first time in the company’s history, layoffs were carried out on such a large scale.
The plan to lay off staff at Facebook, Instagram and WhatsApp, which is owned by Meta Platforms, comes as the company’s profits have disappointed and sales have slumped. It is believed that with this in mind, the company has put forward a plan for downsizing, and layoffs are part of that plan.
Meta, the parent company of Facebook, Instagram and WhatsApp, said in late September that it had over 87,000 employees.
Concerns about an economic recession due to rising interest rates have led to massive job cuts in the US. The layoffs range from Wall Street banks like Goldman Sachs and Morgan Stanley to big tech companies including Amazon and Microsoft.
Twitter has also laid off most of its employees. The report states that it has laid off 90% of its Indian workers and now only a handful of workers remain. About half of Twitter’s workforce is reportedly being laid off worldwide.
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