New Delhi: The clouds of retrenchment hovering over the employees of tech companies are yet to clear. Veteran social media platform Meta i.e. Facebook (Facebook Layoffs) has announced the second round of layoffs in the company. According to the news agency Reuters, Facebook said on Tuesday that it will cut 10,000 jobs. Along with this, Facebook is the first such giant company that has announced the second round of layoffs amidst fears of economic recession. Earlier, on November 4, Meta had fired 11,000 employees.
Meta’s shares rose by 6% due to this news of retrenchment. Because due to restructuring in the company, there will be a reduction in budget and expenses and its benefit will be on the profit front. Meta CEO Mark Zuckerberg said in a message to the employees that the company is going to reduce its workforce.
CEO Zuckerberg expressed regret in the message
The company said on Tuesday that it would reduce the size of its recruiting team and lay off more people in its technology group at the end of April. After that, at the end of May, people from the business group will be fired. Chief Executive Officer (CEO) Mark Zuckerberg said, “It will be difficult but there is no other way.”
Facebook founder Mark Zuckerberg said in a message to employees, “I think we should prepare ourselves for the possibility that this new economic reality will continue for many years.” The company last year laid off around 13 percent of its workforce across platforms including Facebook and Instagram, leaving 11,000 people jobless.
Let us tell you that due to the concerns of economic recession due to rising interest rates, many big companies in America have cut jobs on a large scale. These range from Wall Street banks like Goldman Sachs and Morgan Stanley to big tech firms including Amazon.com and Microsoft.
