Meta is preparing to lay off thousands more employees tomorrow, months after laying off 11,000
- Facebook and Instagram parents will make thousands more cuts this Wednesday
- It comes amid insecurity as top executives resign and features are repealed
Meta, the parent company of Facebook, WhatsApp and Instagram, will launch a new round of layoffs this Wednesday.
The social media giant is reportedly preparing to make thousands of cuts to its policy, marketing and communications teams in particular, just months after laying off 11,000 employees in November.
This comes amid a period of internal change at the top, with Vice President of Sales for the Americas, Nada Stirratt, stepping down on Monday.
Commercial director Marne Levine also resigned last month.
A senior member of staff told the Financial Times: “We have a real dilemma on our hands in terms of talent when there is so much chaos.”
Mark Zuckerberg is the founder of Facebook and Meta, which also owns Instagram and WhatsApp.
The company has struggled to grow in the past 12 months, partly due to increasing competition from TikTok and budget pullbacks from advertisers.
Competition caused the Facebook app to lose users in the first quarter of its life a year ago, further deterring advertisers.
Meta founder, president and CEO Mark Zuckerberg called 2023 an “efficiency year” as the company seeks to reduce costs.
This will include withdrawing from the company’s NFT offering.
a spokesman said TechCrunch that the company will instead move towards products like Meta Pay and features that allow creators to earn money directly on Meta platforms.
While Meta’s fourth-quarter results boosted the stock 18%, some innovations have proven less successful for the company.
Reality Labs, responsible for augmented and virtual reality features, lost $13.7 billion last year and is expected deal with layoffs.