Mark Zuckerberg plans to cut thousands of jobs in massive Meta shakeup
Mark Zuckerberg plans a fresh round of job cuts — just months after firing thousands of workers — as Meta undergoes a massive shakeup to revive the struggling tech titan, according to a published report.
The tech giant will slash certain positions and projects across the board, and have managers take up expanded duties by supervising an increasing number of employees as their teams grow, an anonymous source familiar with the matter told the paper.
Meta declined a request for comment, but spokesperson Andy Stone in a series of tweets cited several previous statements by Zuckerberg suggesting that more cuts were on the way.
Earlier this month, Zuckerberg said the company needed to perform with “more efficiency.”
“I think there’s more we can do to improve our productivity, speed, and cost structure, and by working on this over a sustained period, I think we’ll both build a stronger technology company and become more profitable,” he said.
Last November, the social media company let go 13% of its workforce — more than 11,000 employees — as it grappled with soaring costs and a weak advertising market.
“I obviously can’t sit here and promise you that nothing will happen in the future because it’s a very volatile environment,” Zuckerberg said at the time. “But what I can say is that for where we are right now, that’s what I foresee.”
Last year’s layoffs were the first in Meta’s 18-year history. Other tech companies have cut thousands of jobs, including Google parent Alphabet, Microsoft and Snap.
Meta aggressively hired during the COVID pandemic to meet a surge in social media usage by stuck-at-home consumers. But business suffered in 2022 as advertisers pulled the plug on spending in the face of rapidly rising interest rates.
Meta, once worth more than $1 trillion, is now valued at $446 billion. Meta shares were down about 0.5% on Wednesday.
The company has said it would also reduce office space, lower discretionary spending and extend a hiring freeze into 2023 to rein in expenses.
On Sunday, Zuckerberg revealed a new subscription service, charging users $11.99 or $14.99 a month to verify their accounts and offer them access to customer support. According to the Post, the service will be launched in Australia and New Zealand this week before being rolled out in the US later this year.
Source: NYPost Technology