Meta Platforms Inc, the owner of Facebook and Instagram, is about to start a new round of layoffs, people with knowledge of the matter say that these layoffs will take place this week, in which thousands of people will lose their jobs.
Laid off in November
Meta has laid off 13% people in November in an attempt to manage costs, once again in the name of making the company more efficient, many people will be laid off. In the first round of layoffs, Meta had shown the way out to 11,000 employees, which was Meta’s first major layoff.
The company is working to streamline the organization, offering buy-out packages to managers and eliminating teams it deems unnecessary. Bloomberg News had reported in February that the company is going to take such a step which is being finalized now and which could affect thousands of employees.
Asked to make a list of employees
According to people with knowledge of the matter – Meta’s advertising revenue has declined, the company has now focused its attention on the virtual reality platform Metaverse. Meta has asked its directors and vice-presidents to make a list of employees who can be shown the way out.
According to people, this phase of retrenchment can be finalized in the next week. The people working on the plan are hoping to have it ready before CEO Mark Zuckerberg’s third child goes on parental leave, said one person.
Another layoff all set
People say that the reduction in November was shocking, but another retrenchment from Meta Workforce is believed to be absolutely certain. Zuckerberg has dubbed 2023 Meta’s “year of efficiency,” the people said, and the company is conveying that theme to employees during performance reviews, which was completed last week.
In February, Meta said it was launching a subscription service called Meta Verified that would include some additional perks and features, including Facebook and Instagram account verified badges for those who pay. It will cost $11.99-$14.99 per month if purchased through the iOS app.
