Meta Announces 10,000 Job Cuts by Year-End Amid Restructuring Efforts

Meta has unveiled plans to downsize its workforce by 10,000 employees and eliminate 5,000 unfilled positions by the end of the year. In a Facebook post, CEO Mark Zuckerberg outlined the company's objectives to bolster its financial stability and streamline operations, dubbing the current year the 'year of efficiency'. Zuckerberg elaborated on the company's restructuring strategy, which includes the cancellation of lower-priority projects and a slowdown in hiring. He noted that members of the recruiting team would be informed of their layoff status, with further restructuring announcements expected in April and May. The company aims to reduce its team size by approximately 10,000 people and close around 5,000 additional open roles. Once the restructuring is complete, the hiring freeze is expected to be lifted. Zuckerberg cited feedback from previous layoffs as the reason for sharing the restructuring plans in advance, with employees seeking greater transparency. This move follows Meta's November layoffs, which affected 13% of its workforce, and a significant decline in net income in 2022. The company is also reportedly working on new virtual reality headsets and refining its distributed work model.