Mark Zuckerberg announced that Meta, the parent company of Facebook and Instagram, will invest between $3,000 and $5,000 to restructure the company and that 10,000 workers will be laid off
Meta, the parent company of Facebook and Instagram, announced that it will lay off 10,000 workers and invest between $3,000 and $5,000 to restructure the company. This was announced by Mark Zuckerberg today.
The CEO also said that the economic instability could continue for many years, saying.
“Here’s the timeline to expect: over the next few months, organizational leaders will announce restructuring plans focused on flattening our organizations, canceling lower priority projects and reducing our hiring rates,” Zuckerberg said in a message to employees, which was posted on Meta’s blog.
The company will also no longer be looking for new people to fill 5,000 jobs that were vacant.
Meta plans to reduce its total expenses in 2023 by about $86,000 or $92 billion.
Previously, in November, Meta laid off more than 11,000 workers, which, at the time, represented 13% of the company’s employees.
While making its layoffs, Meta will continue to invest billions of dollars developing virtual reality and augmented reality technologies in its goal to build the multiverse.
Facebook is not the only large tech company laying off a significant number of workers. It is worth noting that in January, Amazon also announced that it would lay off 18,000 employees in different departments.
Also earlier this year, Google said it plans to lay off more than 12,000 workers, and Microsoft said it would lay off 10,000 people.