Meta to cut 10k jobs across Facebook, Instagram, and WhatsApp

Meta, Facebook's parent company, will begin a company-wide layoff Wednesday as it reshuffles teams for greater efficiencies, according to a memo seen by Bloomberg News. The job cuts will affect Facebook, WhatsApp, Instagram and Reality Labs, the unit responsible for Quest's hardware and virtual reality efforts. The move is part of a cost-cutting effort that will cut 10,000 positions at the company, founder Mark Zuckerberg announced in March. Another round of cuts is expected to follow in May.

In November 2022, Meta had cut about 13 per cent of its workforce or about 11,000 jobs. The company also extended its hiring freeze for the first quarter, and other Silicon Valley companies have taken similar cost-cutting steps. In addition, Zuckerberg has stated that the company aims to become more efficient and rebalance its ratio of technologists and engineers to sales and administrative staff.

The memo distributed to managers suggests that the teams will be reorganized and the remaining employees will be reassigned to work under new managers. To give employees time to process the news, Meta will ask all North American employees who can work from home to do so on Wednesday.

A company spokesperson declined to comment on the matter but referred to Zuckerberg's post from March, where he called it the "year of efficiency" and said the company would announce restructuring and layoffs at its technology groups at the end of April, followed by their business groups at the end of May.

The layoff is part of Zuckerberg's effort to streamline its operations, improve efficiency and focus on its core businesses. The social media giant has faced criticism for handling user data and spreading misinformation on its platform. As a result, Zuckerberg has said the company focuses on building a "privacy-focused social platform" and plans to invest more in its messaging and e-commerce businesses.

The layoff will affect thousands of employees and their families, with many left without a job during a difficult time. However, the move is necessary for the company's long-term success, and Zuckerberg has said he will support affected employees, including severance packages and job placement services. The layoffs are also part of a broader trend in the tech industry as companies find ways to cut costs and improve profitability in a highly competitive market.