Mark Zuckerberg announced that he plans to lay off another 10,000 employees, CNBC reports. The layoffs will take place in stages over the next few months.
“Here’s the timeline you should expect: over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates,”
Zuckerberg said in a message to employees, which was also posted to the technology company’s blog.
People who work in recruitment will be affected immediately, those in tech will find out in April, and business workers will learn their fate in late May.
In a filing with the Securities and Exchange Commission (SEC) announcing the cuts, Meta also said it expects total spending reductions in 2023 of $86 billion to $92 billion.
“We are a technology company, and our ultimate output is what we build for people. As part of the restructuring, the company will also increase the number of direct reports each manager has”,
The CEO also warned that the economic instability could last for “many years,” hinting that another 5,000 vacant positions could be eliminated.
Just a few months ago, Meta again carried out a mass redundancy for the same reason of economic instability.
Despite economic instability, Meta continues to spend billions of dollars developing the virtual and augmented reality technologies needed to build the digital universe called the metaverse. The company’s Reality Labs division, which is charged with creating the metaverse, lost about $13.7 billion in 2022 on revenue of $2.16 billion.