Meta will lay off 10,000 employees more due to harsh 'economic reality'

Mark Zuckerberg has announced that Meta will lay off 10,000 employees more as it struggles to cope with the "new economic reality", which includes higher interest rates, geopolitical instability and increased regulation. These cuts are part of the "Year of Efficiency", as Zuckerberg has called it. Over the next few months, Meta will be undergoing "a restructuring focused on bringing organisations together, cancelling lower-priority projects and reducing hiring levels". Technical teams will be cut in April, and business teams in May.

This will be tough and there's no way around that. It will mean saying goodbye to talented and passionate colleagues who have been part of our success, - Zuckerberg wrote, - They've dedicated themselves to our mission and I'm personally grateful for all their efforts. We will support people in the same ways we have before and treat everyone with the gratitude they deserve.

These massive layoffs come just four months after Zuckerberg laid off 11,000 Meta employees last year. Back then, Mark blamed the job cuts on inaccurate revenue growth forecasts caused by the Covid-19 pandemic, as well as "macroeconomic downturn, increased competition, and loss of advertising signal".

Source: PC Gamer