Mark Zuckerberg Mass Layoffs Meta Employees for the Second Time
- Adweek
VIVA – CEO Mark Zuckerberg plans a new round of layoffs, just months after firing thousands of workers, as Meta undergoes a major overhaul to reduce the financial burden.
Earlier this month, Meta cut its cost outlook for 2023 by $5 billion, with Zuckerberg proclaiming a 'Year of Efficiency' for the company after slashing its workforce by 13% last fall. However, Meta employees say the year has begun with confusion and delayed budget approvals resulting in 'zero work' getting done as managers struggle to plan for an uncertain future.
Furthermore, Meta did decline a request for comment, but spokesperson Andy Stone in a series of tweets cited some of Zuckerberg's previous statements indicating that more layoffs are on the way.
"I think there's still a lot we can do to improve our productivity, speed, and cost structure, and by working on that over a sustained period, I think we'll both build a stronger technology company and become more profitable," the CEO said.
Meta (Facebook).
- The Guardian
Last week, Meta gave about 7,000 employees, 10% of its corporate staff, a "substandard" rating. Employees with low scores on key performance indicators, many quit their jobs.
Then, last year's layoffs were the first in Meta's 18-year history. Other tech companies have also cut thousands of their workers, including Google parent Alphabet, Microsoft, and Snap.
Meta was hired aggressively during the Covid-19 pandemic to fulfill the surge in social media use by consumers stuck at home. But business suffered in 2022 as advertisers halted spending due to rapidly rising interest rates.
The company said it will reduce office space, lower discretionary spending, and extend a hiring freeze to 2023 to control costs.
On Sunday, Zuckerberg revealed a new subscription service, charging users US$11.99 or US$14.99 per month to verify their accounts and offer access to customer support. The service is rumored to launch in Australia and New Zealand this week before rolling out in the US later in the year.
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