Meta to lay off 10,000 workers in new round of job cuts

Meta WThe latest round of job cuts by Big Tech companies to cut costs during a difficult period in Silicon Valley is the ill-laying off 10,000 employees

Meta CEO Mark Zuckerberg On Tuesday, the company announced layoffs. The company plans to layoff approximately 13% of its employees as part of its restructuring. “year of efficiency.” After the company had cut its workforce, layoffs were made. 11,000 jobs November will be a month to recover from declining revenue streams. These days, many thousands of jobs have been lost at big tech companies.

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“I think we should prepare ourselves for the possibility that this new economic reality will continue for many years,” Zuckerberg WriteNoting the higher interest rates as well as geopolitical instability, Meta is adamant. These uncertainties are what Meta intends to address. “operate more efficiently.”

After Meta’s hiring frenzy in the aftermath of the pandemic, more people used their technology to communicate while they were quarantined. As the economy started to recover, digital advertising decreased and Big Tech had to adapt.

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Zuckerberg made mention of the layoffs during the third quarter earnings conference, where he stated that the company would be closing in 2023. “roughly the same size or even a slightly smaller organization.”

In recent months, the company has been under regulatory pressure. The company It is possible to win The Federal Trade Commission was sued over the attempted acquisition of VR developer Within. The company has been slowly shifting away from its vision of the metaverse, which it had portrayed as the next step in the internet. It is currently trying to invest in artificial intelligence and generative generative technology. Create A Twitter competitor The company’s Try Thursday’s 4chan leak revealed that a chatbot to create was created.