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Meta Layoffs: Meta, the parent company of Facebook and WhatsApp, has started the process of fresh layoffs. Meta is going to lay off about 10,000 people from its different social media platforms Facebook, WhatsApp and Instagram. Earlier, the company had laid off 11,000 employees in November 2022 as well.
After this retrenchment of Meta Platforms, the number of employees in the company will be equal to the middle of 2021. During the Corona period (Covid-19), the company had done tremendous hiring since 2020. After this hiring, the number of employees in the company had doubled. Through LinkedIn, the company has informed the employees about this retrenchment afresh. In this retrenchment, the ad sales team, marketing and partnership team will fall.
Meta Chief Executive Mark Zuckerberg said in March that the second round of layoffs would be completed in three phases over the next few months. Mostly this retrenchment is for non-engineering posts. Recently, in the company’s townhall, Mark Zuckerberg said that 4000 employees were laid off in the month of April.
This layoff by Meta is the result of decline in revenue, inflation and decline in digital advertising in the last few months. In which a boom was seen during the Corona period. Meta has invested billions of dollars in the Realty Labs division that develops Metaverse. Although this unit has suffered a loss of $ 13.7 billion. Earlier in November 2022, Meta had shown the way out to its 11,000 employees.
Due to the global economic crisis, rising interest rates and regulatory challenges, companies like Alphabet and Amazon have also laid off in recent times. Microsoft and Twitter have also done mass layoffs.
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