Meta Announces 10,000 Layoffs
• Meta, the social media company, has announced a new round of 10,000 layoffs to be executed during 2023 as part of its new efficiency policy.
• The company is striving to achieve sustainability by closing 5,000 open hiring spots and investing in Artificial Intelligence (AI).
• CEO Mark Zuckerberg stated that AI was currently the company’s most prominent investment, even over the metaverse.
Overview
Meta, the parent company of platforms like Facebook, Instagram, and Whatsapp, has announced a new set of moves as part of its „year of efficiency“ policy. In a Facebook post, Meta CEO Mark Zuckerberg announced a new round of 10,000 layoffs which will be executed during the remainder of 2023 alongside 5,000 open hiring spots being closed. These layoffs are due to macroeconomic conditions leading to higher interest rates and increased volatility and regulations which lead to slower growth and increased costs for innovation.
Background
The announcement comes after reports from February hinted at the execution of a new round of layoffs due to delays in finalizing internal budgets. Last November also saw Meta lay off 13% their staff citing macroeconomic conditions as cause for the measure.
Investment in AI
CEO Mark Zuckerberg declared that Artificial Intelligence (AI) was currently the company’s most prominent investment even over the metaverse. He explained that this would allow them “to deliver a realistic sense of presence” as well as “define the future of social connection” while ensuring success despite economic uncertainty.
Conclusion
Meta continues to strive towards sustainability with their latest measures while still investing in technology such as AI which will shape their future products and services. Despite issuing 10 000 layoffs they continue to stay focused on innovation and development for long term success within their industry.