Wednesday, June 12, 2024

Meta to Lay Off Another 10,000 Employees

Immigration News

Nizamuddin Rezahi
Nizamuddin Rezahi
Nizamuddin Rezahi is a journalist and editor for Khaama Press. You may follow him @nizamrezahi on Twitter.

Meta, the owner of Facebook and Instagram, on Tuesday, said that it planned to lay off another 10,000 workers, roughly 13 percent of its employees in the coming months.

Meta, the giant technology company dismissed around 11,000 employees, 13 percent of its workforce in November, and this is the second round of cuts within six months’ time, in what the company owner Mark Zuckerberg, has called a “year of efficiency.”

The layoffs will affect Meta’s recruiting team this week, with a restructuring of its tech and business groups to come in April and May, respectively.

Mark Zuckerberg, Meta’s chief executive, said in a memo posted on the company’s website that Meta also plans to close about 5,000 job postings that have yet to be filled.

Canceling projects with fewer priorities and reducing the number of workers is part of Meta’s restructuring policy, according to reports. Following the news of laying off more workers, Meta’s stock rose more than 7 percent by the close of trading on Tuesday.

Following the Coronavirus pandemic and the slowdown of the global economy, Mark Zuckerberg made certain decisions that affected his company’s hiring policies. In February, the chief executive said he did not want the company to be overstuffed with a layer of middle management, or “managers managing managers.”

Due to the challenging global economic environment, it is not only Meta, other biggest tech companies including Amazon, Google, Microsoft, Salesforce and others have said they are reducing the number of workers to adjust to the market demand.

Meanwhile, Meta faces step completion from “TikTok” and “Twitter” the two giants which have become quite popular in recent years.

Furthermore, reports have emerged that Mark Zuckerberg plans to create a new platform that could compete against Twitter, which has gained a lot of popularity among people throughout the world.

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