Meta, the owner of Facebook and Instagram, plans a new wave of layoffs and will cut thousands of jobs this week, reports Bloomberg, citing its own sources.
Meta is cutting even more jobs, on top of 13% cuts in November, as it seeks to become a more efficient organization. Meta laid off 11,000 workers in its previous round of layoffs, the first major layoff in its history.
The company is also working to flatten its organization, giving buyout packages to managers and cutting entire teams it deems non-essential. Instead, Bloomberg’s interlocutors, who asked not to be named, say the round of cuts is driven by financial goals and not related to “flattening.” Meta, which has faced declining advertising revenue and refocused on a virtual reality platform called Metaverse, has asked CEOs and vice presidents to draw up lists of employees who could be fired, they said.
This phase of layoffs could be completed next week, according to workers. Those working on the plan hope to have it ready before Chief Executive Mark Zuckerberg goes on leave to care for his third child, which could happen in the near future.
The November layoffs came as a surprise, but Meta employees had long expected a new wave of layoffs. Zuckerberg called 2023 the “year of efficiency” for Meta, and the company communicated that to employees during an attestation that ended last week, the people said.
Employees at the company in Menlo Park, California, have reported increased anxiety and low morale among colleagues recently. Some workers have expressed concern about whether they will receive bonuses this month if they lose their jobs earlier than expected.