Tech giant Meta Platforms (NASDAQ: META) is preparing to lay off even more staff, in a push towards increased efficiency and lower costs.
According to Bloomberg which cited people familiar with the matter, Meta is slated to axe thousands of more employees as early as this week, marking yet another streamlining effort following a 13% staff reduction in November. Simultaneously, the Facebook and Instagram owner is also in the midst of flattening its business, eliminating entire teams it deems redundant as well as handing out buyout packages to managers.
The people added that Meta has been surveying directors and vice presidents to determine which employees should be let go, with plans to finalize the layoff lists sometime this week. The plan is supposedly going to be ready by the time CEO Mark Zuckerberg goes on parental leave in preparation for his third child. The layoff announcement doesn’t come as a surprise, though, as Zuckerberg previously communicated that 2023 would be the “year of efficiency.”
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In the meantime, employees at Meta’s headquarters in California are allegedly feeling on edge, with low morale and concerns about whether they will receive their bonuses this month should they lose their job.
Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
