"Difficult decision": Facebook parent company Meta cutting 10,000 jobs

Mar 14 2023, 4:42 pm

Massive changes are coming to Meta, the company that owns Facebook, Instagram, and WhatsApp.

On Tuesday, March 14, Meta Chief Executive Officer Mark Zuckerberg shared a memo titled “Update on Meta’s Year of Efficiency,” where he announced that the company will be laying off 10,000 people and will be closing “around 5,000 additional roles that we haven’t hired yet.”

“My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead,” stated Zuckerberg.

The memo was also shared on his official Facebook page.

He added that these changes are due to slow growth, competition, and a changing world economy.

“For most of our history, we saw rapid revenue growth year after year and had the resources to invest in many new products,” he stated. “But last year was a humbling wake-up call.”

The announcement comes months after 11,000 Meta employees were laid off in November last year; some of those affected were Canadian employees.

Daily Hive asked Meta if employees in Canada would be affected by this new round of layoffs. The company neither confirmed nor denied this.

Meta’s tech department layoffs will be announced in late April, while business groups will learn more about layoffs in late May. Several layers of management will also be removed to create a “flatter” organization to streamline the decision-making process.

“This will be tough and there’s no way around that,” Zuckerberg stated. “It will mean saying goodbye to talented and passionate colleagues who have been part of our success.”

After building a “leaner” company post-restructuring, Meta plans to lift its hiring and transfer freezes across various departments.

“We are a technology company, and our ultimate output is what we build for people,” he stated. “Everything else we do is in service of that.”

Read the full memo here.

Irish Mae SilvestreIrish Mae Silvestre

+ News
+ Venture
+ Tech
+ Jobs
+ Canada
+ Canada
ADVERTISEMENT