Meta, the owner of Facebook and Instagram, is planning a fresh round of lay-offs that may see it cut thousands more jobs.
Meta, the world’s largest social networking company is to eliminate more jobs, on top of the 11,000 (13% of its staff) it let go in November 2022 – its first ever major lay-off.
Lately, the company, which owns Facebook and Instagram, has been offering redundancy packages to managers and cutting entire teams it deems nonessential.
Meta has seen a dramatic shrinkage in advertising revenue while pouring billions of dollars into its metaverse project, which it is struggling to realize.
The next rumored phase of lay-offs, part of Meta’s 2023 “year of efficiency” drive, could happen as soon as early March, according to anonymous sources within Meta, who say it is planned to happen before billionaire CEO Mark Zuckerberg goes on parental leave for his third child.