Meta Platforms Inc. is set to slash thousands of more jobs this week on top of the 13% workforce reduction that CEO Mark Zuckerberg announced this past November, according to a report.
The tech giant which owns social networking behemoths Facebook and Instagram plans to notify employees within the coming days that their services are no longer needed, according to Bloomberg News.
The latest job cuts that are set to be announced this week is separate from the company’s overall “flattening” strategy, according to Bloomberg News.
Meta directors and vice presidents have been asked to compile lists of employees that are deemed expendable, Bloomberg News reported.
Management hopes to complete the new round of layoffs just before Zuckerberg goes on parental leave.
In September, Zuckerberg and his wife, Priscilla Chan, announced that they were expecting their third child — a baby girl. The couple has two daughters — Maxima, 7; and August, 5.
Zuckerberg pledged to investors earlier this year that 2023 would be Meta’s “year of efficiency.”
The Facebook founder also instituted a new “flattening” policy aimed at getting rid of middle managers deemed to be standing in the way of the company being more nimble and productive.
Meta has been offering nonessential managers buyout packages while cutting teams — all part of a companywide restructuring.
Meta’s stock price was down slightly — 0.19% — in premarket trading on Tuesday.
Since the start of the year, shares of Meta have rebounded, rising by some 54%.
In November, Meta shed around 13% of its global workforce of around 87,000 employees — giving pink slips to more than 11,000 workers.
The company is trying to weather a turbulent period during which its social media properties are being squeezed by competition from TikTok.
Meta’s pivot to developing its metaverse technology has also sapped company resources while failing to yield a return on its investment.
Employees at Meta have been dreading fresh layoffs for weeks.
Last month, staffers at the Menlo Park, Calif. campus expressed frustration over delays in approving budgets and other disruptions to the workflow.
“Honestly, it’s still a mess,” one Meta employee told Financial Times.
“The year of efficiency is kicking off with a bunch of people getting paid to do nothing.”
Staffers told FT that “zero work” is getting done and that decisions that normally took days to approve now take weeks or months, including in some of the company’s key sectors such as the metaverse and advertising.
The Post has sought comment from Meta.
[Written in collaboration with other media outlets with information from the following sources]
