Meta Plans to Cut 8,000 Jobs – 10 Percent of Workforce Affected
According to TechCrunch, U.S. tech giant Meta plans to cut a large number of jobs again. Reports indicate that the company intends to reduce its workforce by about 10 percent, which amounts to 8,000 employees. In addition, Meta will not fill 6,000 currently open positions.
Meta aims to “rebalance investments”
According to an internal memo the company sent to employees on Thursday, which Bloomberg was able to review, the job cuts are set to begin on May 20. Reuters had reported on Meta’s plans for widespread layoffs as recently as March. At that time, the talk was of 15,000 to 16,000 job cuts, which would correspond to about 20 percent of the workforce.
“We’re doing this as part of our continued effort to run the company more efficiently and to allow us to offset the other investments we’re making,” chief people office Janelle Gale told employees, according to the memo. “This is not an easy tradeoff and it will mean letting go of people who have made meaningful contributions to Meta during their time here.”
AI Push Requires Cost-Cutting Measures
Meta has poured tens of billions into its metaverse projects, most of which have failed. The company has also had to make significant investments in its AI projects to keep pace with competitors in this field. Earlier this month, it unveiled a completely revamped AI product called Muse Spark.
