The Meta company (recognized as extremist and banned in the Russian Federation), as warned today, March 14, by some media, officially announced on the reduction of 10 thousand jobs. It is the first major company to launch a second round of massive cuts. In November, the company already announced it was laying off 11,000 employees, the biggest layoff in Meta’s history.
As Meta CEO Mark Zuckerberg noted in a message to employees, as part of the cuts, numerous “management layers” will be eliminated, the organization will become “flatter”, and the contribution of managers will be expanded. In addition, plans to hire new employees will be suspended and non-priority projects will be curtailed. “It won’t be easy, but it’s inevitable. This means that we will have to say goodbye to the talented and passionate colleagues who have been part of our success,” said Mr. Zuckerberg. “I think we should be prepared for the possibility that this new economic reality will last for years to come,” he added.
Meta shares on the Nasdaq exchange reacted to the company’s statement with a rise of 6.3%.
