Mark Zuckerberg’s Meta – parent company of Facebook and Instagram – is not immune to the financial woes that so many firms around the world currently suffer from during the worldwide financial crisis. Meta has seen its market share plummet and now, according to a report in the Washington Post, the company is planning on another major round of layoffs.
The new cuts are coming just a few months after the last time that Meta/Facebook was forced to lay off a large number of workers. In November 2022 the company fired 11,000 of its employees or about 13% of the total. And at that time Mark Zuckerberg said that 2023 would be a “year of efficiency,” for the company. So, is this what he meant by “efficiency.”
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Meta is also planning to streamline its management structure. The company will have fewer managers and the ones remaining with the firm will need to handle more responsibilities. This, it would seem, is an effort to do away with unneeded staff and to simply Meta’s corporate structure.
According to the Washington Post, Mark Zuckerberg explained the job cuts to his company saying that the move would, “minimize the chance of having to do broad layoffs like this for the foreseeable future.”
“I obviously can’t sit here and promise you that nothing will happen in the future because it’s a very volatile environment,” he added. “But what I can say is that for where we are right now, that’s what I foresee.”
“We closed last year with some difficult layoffs and restructuring some teams,” Zuckerberg told investors earlier this month. “When we did this, I said clearly that this was the beginning of our focus on efficiency and not the end.”
While Meta/Facebook is certainly not alone among high-tech firms in suffering from financial problems, it does have many problems of its own. For example, the company is still reeling from scandals over its violations of its users’ privacy. And its Instagram service has also been under scrutiny for not doing more about how it affects the mental health of youth. And Instagram is bleeding users to the now more popular TikTok.