As part of Mark Zuckerberg’s year of efficiency, Meta has begun laying off employees as it restructures teams across Facebook, WhatsApp, Instagram, and Reality Labs.
The most recent round of layoffs follows the CEO’s March announcement of a cost-cutting drive intended to eventually eliminate 10,000 employees at the company.
Meta Shares Fell in Pre-Market Trading
In addition, the parent company of Facebook laid off 11,000 employees in November, reducing its workforce by 13%. Pre-market trading saw a 1.6 percent decline in Meta shares to $214.41.
According to a document that was leaked and obtained the company invited its North American workers to work from home on Wednesday to comprehend the news.
Employees at Meta flocked to social media to announce their dismissal. On the Blind social media app, a user said, “It’s soon to be Hunger Games out here.”
The business, which will release its first-quarter earnings on April 26, is anticipated to profit from regulatory pressure on TikTok’s main competition and a minor uptick in the digital advertising industry.
It is unknown how the news reached the staff, however, users of the social networking app Blind claimed that emails were sent out in the early morning hours last year when there were layoffs.
“I woke up this morning to the awful news that I was one of the many laid-off from Meta today,” a Business Program Manager at Facebook wrote.
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Employee Reaction to Layoffs and Cost-Cutting
A Research Data Scientist wrote: “Another day in tech, another round of layoffs,” while a Technical Program Manager at Meta wrote: “Today, along with hundreds of valued coworkers, I was laid off from Meta.”
“I was let go by Meta early this morning, along with a sizable portion of my organization.”
According to an allegedly leaked document, teams would be reorganized at Facebook, WhatsApp, Instagram, and Reality Labs, a division of virtual reality, and managers were advised to get ready for the announcement.
The business declined to comment on the memo obtained from a March post by CEO Mark Zuckerberg outlining plans for 2023 as the year of efficiency with additional layoffs anticipated in May and a continuing hiring freeze.
It happens just a few days after employees complained about losing benefits as the software company reduced costs.
After eliminating free laundry and dry cleaning for personnel, the corporation further infuriated workers by reducing the number of free cafeteria meals.
In addition to reducing free meals, it has eliminated takeout boxes, making it more difficult for employees to bring a free meal home for dinner.
Additional reductions include healthcare benefits and ride-sharing subsidies, which assisted in financing Lyft cabs.
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