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Meta, the company responsible for Facebook and Instagram, is sharply reducing its employee count, slowing hiring, and cancelling projects.
CEO Mark Zuckerberg shared the details in a Facebook post on Tuesday, blaming the changes on its financial performance and a move to make Meta a “better technology company.”
“Higher interest rates lead to the economy running leaner, more geopolitical instability leads to more volatility, and increased regulation leads to slower growth and increased costs of innovation,” Zuckerberg explained.
“I think we should prepare ourselves for the possibility that this new economic reality will continue for many years.”
Group leaders will share restructuring plans in the coming months, including cancelling low-priority projects and reducing hiring. The first of the laid-off employees involve the recruiting team.
Details on restructurings and layoffs on the tech side will be shared in April, and changes on the business side will be shared in May, Zuckerberg wrote.
“It’s important for all groups to get leaner and more efficient to enable our technology groups to get as lean and efficient as possible.”
This is the second round of layoffs Meta has partaken in, having dismissed thousands of employees in November 2022.
Image credit: Shutterstock
Source: Facebook
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