Meta to cut 10% of jobs

Source: Hacker News

Image Credits: Will Oliver/EPA/Bloomberg / Getty Images

Overview

Meta is planning to cut 10% of its workforce, amounting to 8,000 employees, according to a report from Bloomberg. The company will also freeze hiring for 6,000 open roles.

According to an internal memo sent to employees on Thursday and viewed by Bloomberg, the cuts will begin on May 20. Reuters had earlier reported on Meta’s plans for sweeping layoffs (source).

Company statement

“We’re doing this as part of our continued effort to run the company more efficiently and to allow us to offset the other investments we’re making,” chief people officer Janelle Gale told employees. “This is not an easy trade‑off and it will mean letting go of people who have made meaningful contributions to Meta during their time here.”

Background

Meta spent tens of billions on its metaverse initiatives, which largely failed (TechCrunch analysis). The company has also been investing heavily in AI to stay competitive. Earlier this month, Meta debuted a completely overhauled AI product called Muse Spark (announcement).