Meta, the umbrella company of popular social media platforms Facebook, Instagram and WhatsApp, may be preparing for a new wave of layoffs. The company, which parted ways with 11 thousand employees a few months ago, will go into economic contraction.
What is the new plan of Meta, which has laid off 11 thousand people?
Tech firms like Meta are faced with the reality of balancing their growth expenses. The social media platform laid off 11 thousand people in the fall of 2022. The company is reportedly preparing for another round of layoffs, which could number in the thousands.
Meta CEO Mark Zuckerberg had said in the previous wave of layoffs that they needed to “focus on efficiency”. The new layoffs are expected to affect executive positions and non-engineering employees. It is also possible for some projects to be stopped or cancelled.
Reports in the US press revealed that the round of layoffs will not happen in a day and will spread throughout the company. Meta spokesperson Dave Arnold refrained from commenting on the issue, while reminding that CEO Zuckerberg will move forward with efficiency.
While Meta isn’t the only tech company to face layoffs, it raises questions about the industry’s need to stay financially sustainable. According to a recent article in the Washington Post, many tech companies have hired more people than they need in recent years.
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