A giant wave of layoffs at Meta

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Meta Platforms Inc., which owns Facebook and Instagram, is planning a new wave of layoffs. The company will lay off thousands of employees as early as this week, Bloomberg writes, citing people familiar with the matter.

The world's largest social network will cut more jobs in an attempt to become a more efficient organization. Meta previously cut 11,000 workers, in what was the company's first major layoff.

The inevitable phase of layoffs is driven by financial goals and not related to “levelling”, said people who asked not to be named when discussing internal affairs.Meta, which is facing a slowdown advertising revenue and shifted its focus to a virtual reality platform called the metaverse, asking directors and vice presidents to draw up lists of employees who can be laid off. A Meta spokesperson declined to comment on the plans on Monday.

This phase layoffs could be completed next week. Those working on the plan hope to have it ready before the CEO Mark Zuckerberg will be taking maternity leave to care for his third child, a source said.

The November layoffs came as a surprise, and Meta workers were waiting for another round of layoffs. According to sources, Zuckerberg called 2023 for Meta “ year of performance” and the company brings this topic to the attention of employees during the performance reviews that were completed last week.

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