Facebook’s parent company, Meta, is set to cut 10,000 more jobs and leave 5,000 open positions unfilled, as the social media giant attempts to reduce costs.
This move comes after the company’s announcement in November of 11,000 job cuts, amounting to 13% of its workforce at the time. Meta and other technology companies have been aggressively hiring over the past few years, but have recently started letting some workers go. The company announced plans to reduce its recruiting team and make further cuts in its tech groups in late April, followed by its business groups in late May. Despite the difficulties, CEO Mark Zuckerberg is focused on building a leaner, more technical company in service of its long-term vision. Other major tech companies in the US, such as Amazon, are also cutting costs in different ways, including pausing construction and laying off workers.
As Meta pivots towards the metaverse, it is clear that the company is streamlining its workforce to focus on this new initiative. The metaverse is a virtual world where users can interact with each other and digital objects, and Meta has been investing heavily in this concept.
However, the shift towards the metaverse has not been without its challenges. Meta has faced criticism for its handling of user data and concerns have been raised about the potential impact of the metaverse on society. The company has also faced competition from other players in the space, such as Roblox and Decentraland.
Despite these challenges, Meta remains optimistic about the potential of the metaverse and its ability to revolutionize the way people connect and interact online. The company’s job cuts and other cost-saving measures are part of its efforts to position itself for long-term success in this new frontier of technology.