Facebook-Parent Meta To Lay Off 10,000 Employees: Report

Meta's latest memo, circulated among managers, indicates that teams will be reorganised.

Meta's move comes amid a wave of job cuts across Silicon Valley. ( Image Source :Getty )

Meta Platforms, the parent company of social media giants such as Facebook and Instagram, is gearing up for another round of companywide layoffs as it works to achieve greater efficiency. The company has announced plans to cut 10,000 positions across its various brands, including Facebook, WhatsApp, Instagram, and Reality Labs, the arm of the company responsible for virtual reality efforts and Quest hardware. The latest round of cuts, which will be announced on Wednesday, is part of a broader cost-cutting push that began last year when the company cut around 11,000 jobs, as reported by Bloomberg.

The latest memo circulated among managers indicates that teams will be reorganised, and some employees will be reassigned to work under new managers. This will enable the company to rebalance its ratio of technologists and engineers to business and administrative staff. Founder Mark Zuckerberg has previously spoken about his desire to make the company leaner and more efficient.

In light of the news, Meta will ask all North American employees who can work from home to do so on Wednesday, in order to have time to process the news. The company spokesperson declined to comment on the layoffs, citing Zuckerberg's previous statement in March, which said that the company expected to announce restructurings and layoffs in its tech groups in late April, followed by business groups in late May.

The move comes amid a wave of job cuts across Silicon Valley as companies grapple with the ongoing economic fallout from the COVID-19 pandemic. Meta has also extended a hiring freeze through the first quarter of this year, which has contributed to the company's cost-cutting efforts. While the layoffs will undoubtedly be a blow to affected employees, Meta hopes that the move will enable the company to become more efficient and better positioned to weather any future economic challenges.