Meta to cut 10% of jobs, or 8,000 employees, report says

Source: TechCrunch

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

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

Layoff Timeline

An internal memo sent to employees on Thursday and viewed by Bloomberg states that the first wave of 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, according to the memo. “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.”

TechCrunch has reached out to Meta for comment.

Context

Meta has spent tens of billions on its metaverse initiatives, which have largely failed. To stay competitive, the company has made major investments in artificial intelligence, recently unveiling a completely overhauled AI product called Muse Spark.