During its “Year of Efficiency”, Meta is restructuring to cut costs and reduce staff numbers. In March, the company announced it would be eliminating 10,000 jobs and has already cut 4,000 staffers. Now, an additional 6,000 employees received their pink slips as of Wednesday.
Sources report “this week’s layoffs primarily targeted business roles, while the April layoffs impacted tech teams” and will not be restaffing anytime soon.
Mark Zuckerberg released a statement back in March saying “Meta is building the future of human connection” while severing ties with almost 25 percent of its employees since 2022. The changes are intended to streamline operations and associated costs while improving the company’s financial performance to “execute our long-term vision.”
Zuckerberg’s goal is “flattening” Meta’s operations by canceling low-priority projects and since eliminating thousands of jobs, the company has claimed operations are going smoother and faster. Meta is shifting more of the financials associated with these projects and staff cuts on its metaverse division, Reality Labs.
So far, the company has invested $13.7 billion into this endeavor, creating generative AI coding tools accompanied by AI Sandbox for advertisers. Other large-scale AI research is in the works, like custom chips and a supercomputer, as Meta continues to focus more on technology advancements.
As Meta strives to be the leading brand in technology, 10,000 “talented and passionate colleagues who have been part of our success” are left in its wake. There are no plans yet for additional rounds of layoffs, though as Meta automizes more roles more people could be facing termination. Meta says it will likely unfreeze hiring after restructuring the foundation of the company as new roles and new divisions are developed.
Check back with Cord Cutters News for the latest information surrounding the drastic changes occurring at Meta.