Meta announces 10,000 more staff redundancies
March 15, 2023 - Meta, the owner of Facebook and Instagram, is to lay off 10,000 employees in a fresh round of cost cutting measures.
Meta, the world’s largest social networking company is to eliminate 10,000 more jobs, on top of the 11,000 it let go in November 2022 – its first ever major lay-off.
Lately, the company, which owns Facebook and Instagram, has been offering redundancy packages to managers and cutting entire teams it deems nonessential.
Meta has seen a dramatic fall in advertising revenue while pouring billions of dollars into its metaverse project, which it is struggling to realise.
The latest phase of lay-offs are part of Meta’s 2023 “year of efficiency” drive.