Meta is preparing to lay off thousands more employees tomorrow, months after laying off 11,000
Meta to cut ‘thousands more jobs’ tomorrow on top of the 11,000 laid off in November as Mark Zuckerberg continues his ‘year of efficiency’
- Facebook and Instagram parents will make thousands more cuts this Wednesday
- It comes amid insecurity as top executives resign and features are repealed
Meta, the parent company of Facebook, WhatsApp and Instagram, will launch a new round of layoffs this Wednesday.
The social media giant is reportedly preparing to make thousands of cuts to its policy, marketing and communications teams in particular, just months after laying off 11,000 employees in November.
This comes amid a period of internal change at the top, with Americas VP of Sales Nada Stirratt apparently stepping down on Monday.
Commercial director Marne Levine also resigned last month.
A senior member of staff told the Financial Times: “We have a real dilemma on our hands in terms of talent when there is so much chaos.”
Mark Zuckerberg is the founder of Facebook and Meta, which also owns Instagram and WhatsApp.
The company has struggled with growth in the past 12 months, partly due to increasing competition from TikTok and budget pullbacks from advertisers.
Competition caused the Facebook app to lose users in the first quarter of its life a year ago, further deterring advertisers.
Meta founder, president and CEO Mark Zuckerberg called 2023 an “efficiency year” as the company seeks to reduce costs.
This will include withdrawing from the company’s NFT offering.
a spokesman said TechCrunch that the company will instead move towards products like Meta Pay and features that allow creators to earn money directly on Meta platforms.
While Meta’s fourth-quarter results boosted shares 18%, some innovations have proven less successful for the company.
Reality Labs, responsible for augmented and virtual reality features, lost $13.7 billion last year and is expected deal with layoffs.
The resignation of the commercial director, Marne Levine, last month, will also have an impact on the company.
Levine held multiple leadership roles during a 13-year career with the company before announcing he was leaving.
He will stay until the summer as part of his transfer.
Heist reported that the vice president of sales for the Americas, Nada Stirratt, also resigned yesterday.
The job cuts announced on November 9, totaling 13% of the workforce, are part of a broader trend of layoffs across the industry.
Also in November 2022, Twitter laid off 3,700 employees, nearly half its workforce, as Elon Musk sought to model the website around a new “extremely tough” culture following his $44 billion acquisition.
He said he had no choice but to lay off half the workforce when “the company is losing more than $4 million a day.”
Marketing and communications functions were hit hard around the world, with the entire India marketing division being laid off in the first round of cuts.
Stripe, a fintech firm, also announced it would cut 14% of its workforce late last year.
Meta made 11,000 cuts to its workforce last November as part of a broader trend of tech layoffs.
Tech companies have been hit especially hard by tech layoffs after overhiring during the move online through the pandemic.
Websites with ad-driven models were also at higher risk as companies around the world slashed advertising budgets to cope with rising prices and interest rates.
Valuations of early-stage tech companies have also inflated during the pandemic, and plunged in 2022 as interest rates rose and funding withdrew, prompting layoffs.
MailOnline reached out to Meta for comment.