Mark Zuckerberg, the CEO of Meta, announced on Tuesday that the company is planning to reduce its workforce by 10,000 employees. It is worth noting that Meta had already laid off over 11,000 employees back in November.
On Tuesday, Meta (formerly known as Facebook) declared that it would be cutting off 10,000 additional employees and would face reorganization expenses ranging from three to five billion dollars. CEO Mark Zuckerberg cautioned that economic uncertainty may persist for an extended period.
“Here’s the timeline you should expect: over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates,” Mark Zuckerberg conveyed a message to his employees, which was subsequently shared on Meta’s blog.
He added that the company plans to close 5,000 additional open roles that it hasn’t yet filled. In a nod to continued economic uncertainty, Zuckerberg noted that the company should prepare for “the possibility that this new economic reality will continue for many years.”
Meta, has announced a new round of layoffs which comes after a previous round of cuts announced in November. The previous cuts affected more than 11,000 workers, which accounted for approximately 13% of Meta’s total workforce.
Layoffs.fyi, an online tracker that monitors job losses in the technology industry, has reported that tech companies have laid off 101,657 employees in the first six weeks of this year. This number is equivalent to 64% of the total number of tech company layoffs that occurred throughout the entire year of 2022.