Meta Platforms to begin company-wide layoffs Wednesday

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Meta Platforms to begin company-wide layoffs Wednesday

Meta Platforms Inc. is preparing to begin company-wide layoffs on Wednesday as it restructures teams and works toward Mark Zuckerberg's goal of greater efficiency.

Facebook said managers should prepare to announce job cuts on Wednesday, via a memo seen by Bloomberg News. It indicates Facebook, WhatsApp, Instagram and Reality Labs - which houses the firm s virtual reality efforts and Quest hardware - will all be affected. The move is part of a cost-cutting push that will eventually whittle away 10,000 positions at the company, the company announced in March. A further round of cuts will follow in May.

Meta to cut 10,000 jobs, 5,000 open Roles in Deeper Pullback.

In November, Meta already cut about 13% of its workforce, or about 11,000 jobs. The agency also extended a hiring freeze through the first quarter of the year, which has been punctuated by job and cost cuts by other Silicon Valley businesses. The remarks by Zuckerberg suggest that the company will seek to become more lean and rebalance its ratio of techologists and engineers to business and administrative staff.

The memo circulated to managers indicates that teams will be reorganized and that various remaining employees will be reassigned to work under new managers.

Meta will ask all North America employees who can work from home to do so on Wednesday, in order to have time to process the news, the document said.

The company's spokeswoman declined to comment on Zuckerberg's year of efficiency post in March that said we expect to announce restructurings and layoffs in our tech groups in late April and our business groups in late May. There are no fees at the smallest bank in America.