Meta Prepares For More Job Cuts, To Downsize About 1K In Major Business Overhaul

• Meta Platforms, Inc (NASDAQ: META) eyed a fresh round of job cuts that could affect thousands of workers likely in the coming months.

• The Facebook parent consulted human resources, lawyers, financial experts, and top executives to help deflate the company’s hierarchy, the Washington Post reports.

• Meta proposed to push some leaders into lower-level roles, flattening the layers of management between Meta CEO Mark Zuckerberg and the company’s interns.

• Other managers may end up overseeing a higher number of employees as their teams expand. Meta also weighed slashing some projects and jobs.

• Meta targeted divisions across the company and around the world.

• The job eliminations arrived after Zuckerberg sought to reassure workers that he did not “anticipate more layoffs” after the company slashed 11,000 jobs or roughly 13% of its workforce in November.

• But in February, Zuckerberg promised investors he would trim middle management and speed up the company’s decision-making, hinting at the possibility of more cuts.

• The cuts will likely disproportionately affect workers in non-engineering roles.

• The leaders will use various factors, including performance ratings, job duties, and compensation, to identify places to downsize.

• Meta also reshuffled its top leaders. In February, Meta Chief Business Officer Marne Levine shared her exit plans after 13 years.

• Meta’s advertising business got hit by the pullback in digital spending, Apple Inc’s (NASDAQ: AAPL) privacy restrictions, and competition from short-form video network TikTok.

• Price Action: META shares traded lower by 0.20% at $171.74 on the last check Wednesday.

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