Facebook, WhatsApp, and Instagram’s parent company, Meta, has announced the termination of 10,000 more employees. Additionally, it has been disclosed that no workers will be hired for the company’s 5,000 open positions. Tuesday’s notice by Meta stated that they had taken this action to cut costs.
11,000 employees were let off by Meta earlier in November of last year. 13 percent of the company’s employees were laid off at that time. Meta has let go of 21,000 workers in the previous five months, or nearly 25% of its workforce. Meta began cutting off personnel in the latter three months of last year as the company’s income plummeted from a year earlier.
Meta is marketing 2023 as the ‘Year of Empowerment’. The corporation has made this decision in an effort to combat the global economic downturn. Mark Zuckerberg, the chief executive of Meta, said that while the subsequent layoffs were difficult, the move was part of the ‘Year of Empowerment’.
According to Zuckerberg, Meta was negatively impacted by things like tougher laws, high loan rates in the United States, and geopolitical instability worldwide. He declared, “I believe this new economic reality will last for a few more years. We need to get ready for this.”
In the past several months, a number of the top technological businesses in the world, including Meta, have made layoffs. Amazon made a 18,000 layoffs announcement earlier this year. As a cause, they cite the unstable state of the economy. Alphabet, the parent firm of Google, recently let go of 12,000 employees.
A website that analyzes layoffs in the computer industry, layoffs.fyi, reports that 128,000 tech professionals lost their jobs this year.