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Meta to Sack Thousands of Employees In Second Round Of Job Cuts

Meta to sack thousands of employees in second round of layoffs

Meta Platforms is planning to lay off another thousand workers in a second round of jobs cuts, Bloomberg reported, citing people familiar with the matter.

Last year, Mark Zuckerberg in a memo apologised to employees for laying off 11,000 staffers citing global headwinds.

The company’s stock had plunged over 70% in the run up to the November announcement as shareholders pressured the company to downsize its workforce.

Ahead of the new round of potential layoffs, the Facebook parent company has been flattening the organisation by buying out managers and closing departments that it considers to be non-essential, according to the newswire.

However, the new round of job cuts will be separate from the flattening exercise, the people said.

Meta has asked directors and vice presidents to prepare lists of employees that can be let go, the people said seeking anonymity.

This tranche of layoffs could be finalised by next week, the people said.

Those tasked with finalising the lists are expected to do so before Zuckerberg leaves for parental leave ahead of the birth of his third child, said one of the people familiar with the matter.

During performance reviews that were completed last week, employees are being communicated Zuckerberg’s message of 2023 being Meta’s year of efficiency, according to the people.

A company spokesperson declined to comment on the potential layoffs, Bloomberg reported.

Meanwhile, employee morale has taken a hit amid the continued uncertainty, the newswire reported.

Some staffers were concerned whether they will be paid their bonuses, which are due this month, by the Instagram parent if they are laid off before that, said the people familiar with the matter.

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