Meta Announces Yet Another Round of Layoffs Affecting 10,000 Personnel

• Meta is among the first major IT businesses to carry out a second wave of layoffs.
• In the end, more than 150,000 jobs were lost by the end of 2022.

According to a Reuters report, Facebook parent firm Meta plans to lay off another 10,000 workers. Mark Zuckerberg, the CEO, shared the news with employees in a Tuesday email.

Just a few months had passed since the company’s first wave of layoffs, during which 11,000 people lost their jobs. Meta, the report continues, is among the first major IT businesses to carry out a second wave of layoffs.

Massive layoffs have rocked the IT sector so far in 2023. As a result of the general economic downturn, several businesses in the IT industry have begun reducing their staff. In the end, more than 150,000 jobs were lost by the end of 2022.

Banking on Metaverse Gone Wade

To be more specific, the corporation is implementing a second round of layoffs, after the 11,000 positions that were eliminated a few months ago.

Meta’s CEO, Mark Zuckerberg, sent an internal memo informing employees of the dismissals. Thus, Zuckerberg’s “Year of Efficiency” for 2023 has led to layoffs. According to Reuters, he pledged there to reduce costs by $5 billion. Nonetheless, Meta shares were up 1.9% in premarket trade.

In 2021, Facebook changed its name to Meta to represent what Zuckerberg called a new frontier for the dominating tech corporation, the future 3D internet. The value of NFT plots of virtual land increased as a result of the increased attention paid to Web3 metaverse games.

In 2022, however, interest in the metaverse began to wane due to widespread criticism of the concept of an immersive internet.

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