Facebook-parent Meta Platforms said it would cut 10,000 jobs, just four months after it let go 11,000 employees, the first Big Tech company to announce a second round of mass layoffs
The logo of Meta Platforms' business group is seen in Brussels, Belgium December 6, 2022. REUTERS/Yves Herman//File Photosaid on Tuesday it would cut 10,000 jobs, just four months after it let go 11,000 employees, the first Big Tech company to announce a second round of mass layoffs.
"We expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired," Chief Executive Officer Mark Zuckerberg said in a message to staff. The layoffs are part of a wider restructuring at Meta that will see the company flatten its organizational structure, cancel lower priority projects and reduce its hiring rates as part of the move. The news sent Meta's shares up 2% in premarket trading." with promised cost cuts of $5 billion in expenses to between $89 billion and $95 billion.
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