Meta begins latest round of layoffs
Layoffs are part of Facebook parent company's previously announced plan to cut 10,000 workers
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Facebook parent Meta Platforms Inc. started its third round of layoffs Wednesday, according to a source familiar with the matter.
The fresh round of cuts is part of Meta's previously announced plan in March to cut 10,000 roles this spring.
Some employees, including one in a marketing role at Instagram, who were laid off on Wednesday posted about their situations on LinkedIn. Meta is the parent company of Instagram.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| META | META PLATFORMS INC. | 441.38 | -52.12 | -10.56% |
Meta CEO Mark Zuckerberg announced in a March Facebook post that the company would issue three rounds of layoffs over the coming months and close 5,000 open roles as it worked to restructure and become more efficient amid the uncertain economic climate.
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Facebook's Meta logo sign is seen at the company headquarters in Menlo Park, Calif., on, Oct. 28, 2021. ((AP Photo/Tony Avelar, File / AP Images)
The company first cut recruiting team members in March followed by tech groups in late April. The third round was slated to impact business teams in late May, according to Zuckerberg's post.
However, "in a small number of cases, it may take through the end of the year to complete these changes," he said.
"As I've talked about efficiency this year, I've said that part of our work will involve removing jobs -- and that will be in service of both building a leaner, more technical company and improving our business performance to enable our long term vision," Zuckerberg said.
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After the restructuring is complete, Zuckerberg said the company plans "to lift hiring and transfer freezes in each group."
CEO of Facebook Mark Zuckerberg speaks during the 56th Munich Security Conference in Munich, Germany, on Feb. 15, 2020. ((Photo by CHRISTOF STACHE/AFP via Getty Images) / Getty Images)
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The mass layoffs come after the company already trimmed its headcount by more than 11,000 employees – or 13% of its staff – in November as it worked to cut discretionary spending to "become a leaner and more efficient company."
Meta is just one of a growing list of companies from tech giants like Amazon to Wall Street's Goldman Sachs that are tightening their belts during the adverse economic conditions.