Yesterday, Mark Zuckerberg, CEO of Meta Platforms Inc., the parent company of Facebook and Instagram, announced a major restructuring that will result in the layoffs of 10,000 employees. This comes after Meta had previously announced more than 11,000 layoffs, or approximately 13% of its total workforce, in November of last year, following declining advertising revenue.
The restructuring will cost the company between $3-5 billion and is a response to the challenges faced by Meta in the current economic climate. Mr. Zuckerberg warned that the economy would continue to face instability for years to come, and that the company must take bold steps to adapt and stay competitive.
The layoffs will impact employees across various departments, and Meta has stated that it will offer severance packages and other support to those affected. The company is also expected to consolidate some of its operations and focus on areas of growth, such as virtual and augmented reality.
This announcement has generated significant attention in the tech industry and beyond, as Meta is one of the world’s largest and most influential companies. Many are speculating about what this means for the future of the company and the broader tech sector. As Meta continues to adapt and evolve, it will be closely watched by investors, analysts, and the public alike.