The social media titan, Meta, is set to embark on another wave of job cuts, inciting anxiety among its employees. As revealed by Nick Clegg, Meta's president of global affairs, in a company meeting recording obtained by Vox, a "third wave" of layoffs is set to hit the company next week.
This news follows a series of downsizing events for the tech giant, with a startling 11,000 employees handed their walking papers last November, and another 10,000 given notice by the end of May. The job cuts started in the recruiting departments in March, and by April, around 4,000 technology department roles had been axed. The upcoming layoffs are slated to affect employees in business-oriented roles.
"The current climate is riddled with uncertainty and anxiety," says Clegg in the leaked meeting recording. He added, "Despite this, I've been incredibly impressed with the resilience and professionalism everyone has displayed during these difficult times."
These cuts are part of Meta's mission for a "year of efficiency," as declared by CEO Mark Zuckerberg. It reflects a pivotal moment of transformation for the company, which is grappling with dwindling revenues and economic instability. Yet, Meta remains undeterred in its pursuit of realizing its ambitious metaverse vision, pressing forward with development of its proprietary AI chip.