Meta to carry out massive round of lay-offs, more than 15,000 employees face axe
In 2022 and 2023, the company eliminated around 21,000 jobs due to slowed growth and the excessive expansion that had occurred during the pandemic era.
Following Oracle, Meta—Facebook’s parent company—is now preparing for a major round of layoffs. In the coming days, the company is gearing up to let go of approximately 16,000 employees; of these, 8,000 could be shown the door as early as May 20. This information was reported by Reuters.
Meta is shifting its focus toward Artificial Intelligence (AI); consequently, as part of a new strategic realignment, the company will now lay off 16,000 employees. These layoffs will impact Meta’s workforce across the globe. [Source]
Meta’s first wave of layoffs set for May 20, 8,000 jobs targeted
Meta intends to conduct a first wave of sweeping layoffs planned for this year on May 20, with more coming later, three sources familiar with the plans told Reuters.
The Facebook and Instagram owner will lay off about 10% of its global workforce, or close to 8,000 employees, in that initial round, one of the sources said.
The company is planning further layoffs in the second half of the year, the three sources said, although details of those cuts, including date and size, were not yet settled. Executives may adjust their plans as they observe developments in artificial intelligence capabilities, the sources added. Reuters reported last month that the company was planning to lay off 20% or more of its global workforce. [Source]