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The social network Meta, the parent company of Facebook, has prepared mass layoffs for the second time. This time, the company plans to lay off 10,000 workers. This has been announced by the company itself. Meta announced Tuesday that it may cut approximately 10,000 employees from its team and also plans to close approximately 5,000 additional open positions. Let us tell you that the company has already sent home about 11 thousand employees four months ago.
The CEO pointed to cuts
Meta CEO Mark Zuckerberg has hinted at massive layoffs at the company. “We expect to cut approximately 10,000 employees from our team and close approximately 5,000 more open positions,” Zuckerberg said in a message to employees. Indeed, as Meta is investing billions of dollars to develop a futuristic metaverse, the company is facing high inflation and rising interest rates. Also, the company is also struggling with the post-pandemic recession.
Previously, 11 thousand people were laid off
Even before that, Facebook’s parent company Meta had laid off around 11,000 people in November last year. This is the largest layoff in the company’s history. Let us tell you that at the end of September, the company had said that Meta has a total of 87 thousand employees.
More than two thousand jobs have been lost so far
Let the deteriorating economy lead to massive job cuts in corporate America. This includes everything from Wall Street banks like Goldman Sachs and Morgan Stanley to big tech companies like Amazon and Microsoft. According to the layoff research site, the tech world has laid off more than 280,000 workers since the start of 2022. Of those, about 40 percent have been done this year.