Mark Zuckerberg’s Meta starts final round of layoffs
Meta Platforms, the parent company of Facebook, has begun the last round of layoffs in a three-part plan announced in March to cut 10,000 jobs in total. This marks the second round of mass layoffs carried out by the company this year following the release of over 11,000 employees in the fall. The company’s headcount was reduced to mid-2021 levels as it had doubled its workforce since 2020. Teams working in marketing, recruiting, engineering, and corporate communications are among the employees who have been let go. The layoffs have mostly impacted non-engineering roles, as CEO Mark Zuckerberg pledged to restructure the business teams and return to a more optimal ratio of engineers to other roles. Meta’s focus on artificial intelligence and cost-cutting drive has bolstered the company’s shares as it more than doubled in value this year and remains a top performer in the S&P 500 index.
According to company executives speaking at a town hall meeting, even technology teams faced cuts, with non-engineering roles like content design and user experience research being eliminated most severely. In April, about 4,000 employees lost their jobs, following a smaller cut to recruiting teams in March. The latest layoffs are expected to impact approximately 490 employees at its international headquarters in Dublin, which is almost 20% of its Irish workforce. Meta has also let go of two executives in key market India – director of marketing Avinash Pant and Saket Jha Saurabh, director and head of media partnerships. Two rounds of mass layoffs have been carried out due to months of waning revenue growth amid high inflation and a digital ad pullback from the pandemic e-commerce boom. The company has also been investing billions of dollars in its Reality Labs unit, a metaverse-oriented project, and its infrastructure to support artificial intelligence work.
What is Meta Platforms?
Meta Platforms is a technology company based in California, USA. It is the parent company of Facebook, Instagram, and WhatsApp.
Why is Meta Platforms laying off employees?
Meta Platforms is cutting jobs to restructure its business teams substantially and return to a more optimal ratio of engineers to other roles. The company has been investing heavily in artificial intelligence and its Reality Labs unit, which lost $13.7 billion in 2022, and a project to improve its infrastructure.
How many employees have been laid off?
Meta Platforms announced plans to eliminate 10,000 roles in total. About 4,000 employees lost their jobs in the April layoffs, and the third round of layoffs is expected to impact approximately 490 employees at the company’s international headquarters in Dublin.
What impact will the layoffs have on the company?
The layoffs have mostly impacted non-engineering roles, reinforcing the primacy of those who write the code at Meta Platforms. The company’s focus on artificial intelligence and cost-cutting drive has bolstered its shares as it more than doubled in value this year and remains a top performer in the S&P 500 index.
Final phase of layoffs is initiated by Mark Zuckerberg’s company, Meta.
Meta Platforms has completed the final stage of the three-part round of layoffs it announced in March, according to a source familiar with the matter. The move saw around 490 employees at the social media company’s Dublin base, almost 20% of its Irish workforce, lose their jobs, while two executives in India were also let go. The company has been seeking to reduce its headcount by 10,000 roles, predominantly in non-engineering positions, following an initial round of more than 11,000 dismissals last autumn. The cost-cutting drive, together with Meta’s focus on artificial intelligence, have helped the company’s shares more than double in value this year.