Target will lay off 10,000 employees in a new round of cuts
March 14, 2023 – 12:09
(Credit: Rokas Tenys/Shutterstock)
With data from Bloomberg and Ad Age
Meta, which owns Facebook and Instagram, will lay off about 10,000 employees and close about 5,000 jobs in a second round of cuts. The idea, the company says, is to reduce costs and increase efficiency.
In a statement released on Tuesday, the 14th, the company’s CEO, Mark Zuckerberg, said that the company will eliminate some layers of management to make work easier.
Meta is a competitor tool to ChatGPT
The largest social network in the world already announced in November, a reduction of 11,000 employees, which represents 13% of the total staff. Bloomberg has already announced that other cuts will arrive sooner.
In recent weeks, Meta employees were already preparing for further layoffs. Zuckerberg has been outspoken about the need to prioritize projects and investments, calling 2023 “the year of efficiency” in recent earnings calls.
At the beginning of the year, Meta started the internal process of knowledge restructuring as “flattening”, eliminating some intermediate positions and placing other employees in collaborative positions instead of management positions.
Could the layoffs affect big tech companies like media platforms?
The company, which also owns Instagram and WhatsApp, saw a slowdown in advertising revenue last year. Zuckerberg has shifted the company’s investment focus to virtual reality, dubbed the metaverse, which he believes will be the next computing platform.
Meta made several hires during the Covid-19 pandemic as demand for digital services grew. The company’s staff grew by 30% in 2020, the first year of the pandemic, and 23% in 2021.
When the first round of cuts began, in November 2022, Meta had 87,000 employees worldwide.
