Facebook owner Meta begins final round of mass layoffs
Meta started carrying out the last batch of a three-part round of layoffs on Wednesday, according to a source familiar with the matter, as part of a plan announced in March to eliminate 10,000 roles.Meta earlier this year became the first big tech company to announce a second round of mass layoffs, after showing more than 11,000 employees the door in the fall.
The cuts brought the company’s headcount down to where it stood as of about mid-2021, following a hiring spree that doubled its workforce since 2020.Several employees working in teams such as marketing, recruiting, engineering and corporate communications took to LinkedIn on Wednesday to announce that they were laid off.Meta shares were up 0.5% in a broadly weaker market.
They have more than doubled in value this year and are among the top performers in the S&P 500 index, thanks to the cost-cutting drive and Meta’s focus on artificial intelligence.Mark Zuckerberg, Meta’s chief executive, said in March that the bulk of the layoffs in the company’s second round would take place in three “moments” over several months, largely finishing in May.
Some smaller rounds could continue after that, he said.Overall the cuts have hit non-engineering roles most heavily, reinforcing the primacy of those who write the code at Meta.
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