Facebook parent company Meta Platforms will cut an additional 10,000 jobs to cut costs. In November, Meta, which also owns WhatsApp and Instagram, had already announced that 11,000 jobs would be lost.
The media has long been speculating about more job losses at the American technology company. The Washington Post recently reported that thousands more employees would have to leave. CEO Mark Zuckerberg said earlier that he did not expect any new job losses, but he also said that 2023 should be a “year of efficiency” and that Meta would focus more on profitability.
It is now mainly about jobs at management layers at the middle level, according to Meta. The company started an internal restructuring process this year to “flatten” the company. In addition, Meta 5000 will no longer fill open vacancies. In November, California-based Meta employed more than 87,000 people worldwide.
Investors have been complaining for some time that Meta was investing too much money in the Metaverse, a virtual world where we’re all going to spend our time at some point if it’s up to Zuckerberg. As a result, investments in this have also been scaled back.
Many big tech companies have announced mass layoffs recently as the economic outlook has become bleak. For example, computer maker HP announced a round of layoffs of 6,000 jobs in November. Cisco Systems and IBM are both cutting about 4,000 jobs. Tens of thousands of jobs will also disappear at tech and web store group Amazon, Google owner Alphabet and software group Microsoft.