Tech Layoffs: Meta to layoff 6,000 more workers next week, dark times for platform continues
In its second round of layoffs this year, Mark Zuckerberg's Meta will be laying off about 6000 people next week. In March this year, Meta had fired 4,000 people, and back in November last year, they had let go of 11,000 people.
In its second round of layoffs this year, Mark Zuckerberg's Meta will be laying off about 6000 people next week. In March this year, Meta had fired 4,000 people, and back in November last year, they had let go of 11,000 people.
Meta (formerly Facebook) is preparing for another round of layoffs, as communicated by the company’s President of Global Affairs, Nick Clegg, during a company-wide meeting, reveals a report, written using documents and other details obtained by Vox.
Also read: Tech layoffs – What does the Indian law say about severance package and notice period?
This announcement aligns with the recent statement made by Meta’s CEO, Mark Zuckerberg, regarding upcoming layoffs in May 2023. The leaked information reveals further details about the layoffs before the official announcement.
Related Articles
Third round of layoffs
As per the report, the source who leaked the documents indicates that approximately 6,000 employees will be terminated from Meta, starting from the following week. In November, the company already laid off 11,000 employees, and in March this year, Meta announced 10,000 job cuts again. With the elimination of 4,000 positions so far, there are still 6,000 employees remaining on the list who will be asked to leave in May this year.
Clegg expressed during the meeting that the third wave of layoffs will impact everyone in the business teams, including his own organizations. He acknowledged the anxiety and uncertainty surrounding the situation and praised employees for displaying resilience and professionalism.
Major layoffs scheduled for next week
“The third wave is going to happen next week. That affects everybody in the biz teams, including in my organisations,” Clegg said. “It’s just a time of great anxiety and uncertainty. … I wish I could have some easy way of providing solace or comfort. It is uncertain. And actually, it’s really increased my admiration for the way that everyone — notwithstanding that uncertainty — you’re just displaying such resilience and professionalism,” he added.
It is reported that Meta’s senior executives will send a note to employees soon, providing information about the start of the layoff process and which teams will be affected. Affected employees will then receive corresponding emails.
During the meeting, employees had the opportunity to ask questions and one of the most common concerns was whether future layoffs are planned.
More layoffs to come?
Meta’s CTO, Andrew Bosworth, stated that the company currently has no such plans and intends to continue building and growing.Bosworth acknowledged that unforeseen circumstances such as a decline in revenue or an economic downturn could impact the future.
Also read: Why Amazon’s 18,000 employees being laid off is just the tip of the iceberg for 2023
Details regarding severance pay for the affected employees are currently unavailable. However, Meta has compensated previously laid-off employees, and it is expected that the same will be done for the newly affected individuals.
The reasons behind the extensive layoffs include an economic downturn, slow growth, and lower revenue growth experienced by Meta. The company had over-hired in previous years to meet business needs but is now cutting jobs due to its challenges in terms of growth and revenue.
Read all the Latest News, Trending News, Cricket News, Bollywood News,
India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.
also read
Single dad, Harvard graduate: Pita Limjaroenrat is likely to be Thai’s new PM
Pita Limjaroenrat, leader of the Move Forward party, must be ecstatic with the Thailand election results. His party is leading the popular vote, setting the stage for him to be the next prime minister. A former Harvard student, his vow to demilitarise the country is why he is considered a rockstar
Elon Musk Turns Cupid? Users call on Musk to make a Twitter dating app that uses AI to make matches
Several Twitter users have asked Twitter CEO Elon Musk to make a Twitter based dating app called Twinder, that would use AI to help users get matches based on their likes and outlook. Musk finds the idea fascinating, and imagines it to be a great way to hire people.
From Byju’s to Meesho, these Indian startups have fired over 12,000 people in 2023
Although India may not be that deeply impacted by the impending global recession, India's startup and tech companies are laying people off in thousands. Since the beginning of calendar year 2023, Indian startups and tech companies have laid off at least 12,000 people.