According to a report, Meta Platforms Inc., the tech giant that owns social networking behemoths Facebook and Instagram, is set to cut thousands more jobs this week on top of the 13% workforce reduction announced by CEO Mark Zuckerberg in November.
Bloomberg News reports that Meta directors and vice presidents have been asked to compile lists of expendable employees, separate from the company’s overall “flattening” strategy.
Management hopes to complete the new layoffs just before Zuckerberg goes on parental leave.
In September, Zuckerberg and his wife, Priscilla Chan, announced they were expecting their third child – a baby girl.
The couple has two daughters – Maxima, 7, and August, 5. Zuckerberg pledged to investors that 2023 would be Meta’s “year of efficiency.”
The Facebook founder also instituted a new “flattening” policy to eliminate middle managers deemed standing in the way of the company being more nimble and productive.
Meta has been offering nonessential managers buyout packages while cutting teams – all part of a companywide restructuring. Since the start of the year, shares of Meta have rebounded, rising by some 54%.
However, Meta’s social media properties are being squeezed by competition from TikTok. Its pivot to developing its metaverse technology has also sapped company resources while failing to yield a return on its investment.
Employees at Meta have been dreading fresh layoffs for weeks, with some expressing frustration over delays in approving budgets and other disruptions to the workflow.
Staffers have said that “zero work” is getting done and that decisions that normally took days to approve now take weeks or months, including in some of the company’s key sectors such as the metaverse and advertising. The Post has sought comment from Meta.
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