Meta, the Parent Company of Facebook, Plans to Reduce Workforce by 10,000 Employees Following Initial Job Cuts Four Months Ago.
Facebook’s parent company, Meta, has announced its second round of mass layoffs, cutting 10,000 jobs just four months after letting go of 11,000 employees.
The move is part of a wider restructuring effort that will see the company flatten its organizational structure, cancel lower priority projects, and reduce its hiring rates in an effort to save $5 billion in expenses for 2023.
The layoffs are a result of a deteriorating economy that has led to mass job cuts across corporate America, with the tech industry alone laying off more than 280,000 workers since the start of 2022.
Meta, which is investing heavily in building the futuristic metaverse, has struggled with a post-pandemic slump in advertising spending from companies facing high inflation and rising interest rates.
This article is a must-read for anyone interested in the current state of the tech industry and the economic challenges it’s facing. As you read, keep in mind:
– Meta’s struggles are not unique, as companies across America are grappling with a tough economic climate.
– Despite being a leader in the tech industry, even Meta is not immune to layoffs and restructuring efforts.
– The move to build the metaverse is a long-term investment for Meta, and may have contributed to short-term financial challenges.
– The tech industry’s layoffs underscore the need for workers to hone their skills and remain adaptable in an ever-changing job market.