Todd Spangler NY Digital Editor Meta, parent company of Facebook and Instagram, is pink-slipping another 10,000 employees, coming on the heels of laying off 11,000 last fall.
Mark Zuckerberg, Meta’s co-founder and CEO, announced the planned cuts in a memo to employees Tuesday as an “update on our Year of Efficiency.” The 10,000 layoffs represent 11.6% of the 86,482 full-time employees Meta reported as of the end of 2022.
Zuckerberg said Meta also is instituting a hiring freeze, canceling about 5,000 open job positions. “Overall, we expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired,” Zuckerberg wrote in the memo (read it below).
Meta expects to announce restructurings and layoffs in its tech groups in late April, and then the company’s business groups in late May, the CEO continued, adding, “In a small number of cases, it may take through the end of the year to complete these changes.” “My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead,” Zuckerberg wrote.
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