Facebook parent meta to slash 10000 jobs; Here's what Mark Zuckerberg has to say

Facebook parent Meta plans to lay off another 10,000 workers in the coming time. The latest announcement made on Tuesday marks the second biggest slashing of jobs by the tech company in less than five months. Meta Chief Executive Officer (CEO) Mark Zuckerberg in a Facebook post on Tuesday made the announcement saying that the job cuts will take place over the next couple of months. 

The tech giant has also made it clear that it will not fill up 5,000 additional open positions as the social media pioneer looks for cost cuts. The company asserted that it will reduce the size of its recruiting team and make further cuts in its tech groups in late April, and then its business groups in late May.

Company had announced 11000 job cuts in November last year

Zuckerberg wrote, “We expect to announce restructurings and layoffs in our tech groups in late April, and then our business groups in late May. Overall, 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.” 

“This will be tough and there’s no way around that. It will mean saying goodbye to talented and passionate colleagues who have been part of our success,” said CEO Mark Zuckerberg. 

He even added, “We are a technology company, and our ultimate output is what we build for people. Everything else we do is in service of that. As we've grown, we've hired many leading experts in areas outside engineering. This helps us build better products, but with many new teams it takes intentional focus to make sure our company remains primarily technologists."

"After restructuring, we plan to lift hiring and transfer freezes in each group. As I’ve talked about efficiency this year, I’ve said that part of our work will involve removing jobs and that will be in service of both building a leaner, more technical company and improving our business performance to enable our long term vision,” said Meta CEO. 

Earlier in November 2022, Meta had announced elimination of approximately 13% of its workforce, which was around 11,000 jobs, in the single largest round of cuts in the company’s history.

Meta is among other big companies including Amazon, Google and Microsoft, who have confirmed major job cuts impacting thousands of their employees across the world amid higher inflation and recession fears. Meanwhile, shares of Meta rose over 4% in early trading on Tuesday post the announcement.