Meta to lay off another 10,000 employees
Meta on Tuesday announced that they are planning to lay off another 10,000 workers and will not fill another 5,000 positions, announcing the second round of significant job cuts by the tech major in four months. The latest move comes after Meta slashed approximately 13 per cent of its workforce, or 11,000 jobs in November last year, in the single largest round of cuts in the company’s history.
CEO Mark Zuckerberg said the job cuts will take place “over the next couple of months.” The grim news for the tech industry came days after the Silicon Valley Bank, which catered to start-ups, collapsed. Meta is among the big tech companies to undergo layoffs amid higher inflation, recession fears and pandemic-induced demand. Earlier this year, Amazon, Google-parent Alphabet and Microsoft have announced major job cuts impacting tens of thousands of tech workers across the globe.