Report: Facebook to Cut Thousands of Jobs in Latest Corporate Downsizing

(Reuters)—Facebook-parent Meta Platforms Inc is planning a fresh round of job cuts in a reorganization and downsizing effort that could affect thousands of workers, the Washington Post reported on Wednesday.

Reuters reached the company but did not receive a response immediately.

The social media giant announced last year that it would lay off 13% of its workforce (or more than 11,000 employees) due to rising costs and weak advertising markets.

Meta intends to promote some top-ranking executives into lower-ranking roles without direct reports. This will reduce the hierarchy between Mark Zuckerberg, the company’s CEO, and the company’s interns, according to the Washington Post, which cited a source familiar with the matter.

(Reporting by Eva Mathews, Bengaluru; Editing By Devika Syamnath

*As an Amazon Associate I earn from qualifying purchases