Facebook's Parent Company Meta To Cut 10,000 Jobs

Meta, the owner of Facebook and Instagram, said on Tuesday that it planned to lay off about 10,000 employees, or roughly 13 percent of its work force, the latest move to hew to what the company’s founder, Mark Zuckerberg, has called a “year of efficiency.”

At its peak last year, Meta had 87,000 full-time employees.

The layoffs will affect Meta’s recruiting team this week, with a restructuring of its tech and business groups to come in April and May, Zuckerberg said in a memo posted on the company’s website. The announcement is the company’s second round of cuts within the past half year. In November, Meta laid off more than 11,000 people, or about 13 percent of its work force at the time.

Meta also plans to close about 5,000 job postings that have yet to be filled, Zuckerberg said in the memo. Other restructuring efforts include a plan to wrap up this summer an analysis of Meta’s hybrid return-to-office model, which it began testing last March. 

Meta’s stock rose more than 7 percent by the close of trading on Tuesday.

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