Meta/Facebook CEO Mark Zuckerberg revealed that his company intends to lay off another 10,000 employees. The news comes after the company let go of more than 11,000 people at the end of last year. Meta is suffering along with everyone else from the worldwide financial crisis, with its stock plummeting in 2022; however, as its business model depends almost entirely on advertising – as opposed to selling a physical product – the company is more susceptible to drops in income during times of recession.
Mark Zuckerberg tried to paint a rosy picture in his spin of what is going on at Meta. This came in a blog post on Meta’s website “Update on Meta’s Year of Efficiency”
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“Our efficiency work has several parallel workstreams to improve organizational efficiency, dramatically increase developer productivity and tooling, optimize distributed work, garbage collect unnecessary processes and more.” Wrote Mark Zuckerberg.
Zuckerberg went on to say that he has tried to be “open about all the work that’s underway,” and that he recognizes that what he called “upcoming org changes” are creating “uncertainty and stress” among Meta employees. This is certainly an understatement as anyone working for a company that is seemingly unstable must be stressed at the thought of losing his job.
“My hope is to make these org changes as soon as possible,” said Mark Zuckerberg, “in the year so we can get past this period of uncertainty and focus on the critical work ahead.”
The Facebook founder went on to offer some specific details about how exactly he intends to make Meta more efficient in 2023.
First, over the next couple of months, Meta will focus on canceling lower-priority projects and reducing the company’s hiring rates. And it will further reduce the size of Meta’s recruiting team. Meta, he said, expects to announce restructurings and layoffs in its tech groups in late April, and then its business groups in late May.
Overall, said Zuckerberg, Meta expects to reduce its workforce size by around 10,000 people and to close around 5,000 open positions that were offered but have not yet been filled.