Tech giant and Facebook parent Meta declared around 10000 job cuts in the second round of layoff

The Facebook-parent had executed a mass lay off just before 4 months in which around 11000 employees lost their jobs. Chief Executive Officer Mark Zuckerberg said in a message to staff. “We expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven’t yet hired,” 

The purpose of these layoffs is a part of a wider restructuring at Meta that would simplify its organizational structure. They would discard the lower priority projects and hence had planned to reduce its hiring rates as part of the move. The news led to an increase of 2 % in the price of its shares in premarket trading.

The move emphasises Zuckerberg’s goal to turn 2023 into the “Year of Efficiency”. His plan is sure to cut a cost of $5 billion in expenses to between $89 billion and $95 billion. the fading economy had resulted in a series of mass job cuts across the globe including corporate America. Wall Street banks such as Goldman Sachs and Morgan Stanley along with Big Tech firms that include Amazon.com and Microsoft had conducted mass layoffs.

Since the beginning of 2022 around 280,000 tech workers had lost their jobs. 40% of them had been fired this year, according to layoffs tracking site layoffs.fyi. Meta has been pouring a huge capital in order to build the futuristic metaverse. It unfortunately has struggled with a post-pandemic collapse in advertising spending from companies that resulted in inflation and an increase in interest rates.