Meta Platforms, the parent company of Facebook, is set for company-wide layoffs as it aims to restructure its teams for greater efficiency.
The move is part of a cost-cutting effort that will result in 10,000 job cuts, as announced by founder Mark Zuckerberg in March. The company had already cut around 11,000 jobs in November, which amounted to about 13% of its workforce. A hiring freeze was also extended through the first quarter, which is characterized by job and cost cuts by other Silicon Valley businesses.
A memo seen by Bloomberg News revealed that Facebook, WhatsApp, Instagram, and Reality Labs, which focuses on virtual reality efforts and Quest hardware, will be affected.
The memo sent to managers indicated that teams would be reorganised, and remaining employees would be reassigned to work under new managers. The company is asking all North American employees who can work from home to do so on Wednesday to have time to process the news.
The spokesperson declined to comment but pointed to Zuckerberg's "year of efficiency" post in March that suggested the company would restructure and lay off employees in late April for tech groups and late May for business groups.
Zuckerberg has indicated that the company aims to become leaner and rebalance its ratio of technologists and engineers to business and administrative staff. The move comes as the company faces growing competition and regulatory scrutiny. Meta has also faced criticism for its handling of misinformation, data privacy concerns, and its impact on mental health.
