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Friday, June 9, 2023

Mark Zuckerberg Plans to Cut Thousands of Jobs in Massive Meta Shakeup

Mark Zuckerberg Plans to Cut Thousands of Jobs in Massive Meta Shakeup – According to a report by the Washington Post, Mark Zuckerberg intends to implement another round of job cuts at Meta, shortly after letting go of thousands of employees, as part of a significant restructuring effort to revitalize the struggling technology giant. Meta, the parent company of Facebook and Instagram, aims to create a more level structure between the CEO and lower-level positions, such as interns, which may affect numerous employees.

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As per an anonymous source with knowledge of the situation, the technology giant will eliminate specific roles and initiatives throughout the organization. Additionally, managers will assume additional responsibilities by overseeing a larger number of staff members as their teams expand. Meta has refused to provide a response, but Andy Stone, a spokesperson, referenced a number of prior statements made by Zuckerberg in a series of tweets, indicating that additional cuts were anticipated.

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Zuckerberg stated earlier this month that the company must operate with greater efficiency. “I think there’s more we can do to improve our productivity, speed, and cost structure, and by working on this over a sustained period, I think we’ll both build a stronger technology company and become more profitable,” he said. According to The Post’s report, approximately 7,000 employees, which equates to 10% of Meta’s workforce, received “subpar” evaluations last week. Employees who receive poor ratings on key performance indicators are more likely to leave their jobs voluntarily.

Last November, the social media company laid off more than 11,000 employees, which constituted 13% of its workforce, as it struggled with high expenses and a sluggish advertising industry. “I obviously can’t sit here and promise you that nothing will happen in the future because it’s a very volatile environment,” Zuckerberg said at the time. “But what I can say is that for where we are right now, that’s what I foresee.”

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Meta’s layoffs last year marked the first time in its 18-year existence that the company had implemented such measures. Numerous other technology firms, including Google parent company Alphabet, Microsoft, and Snap, have also laid off thousands of employees. To meet the increase in social media use by individuals who were stuck at home during the COVID-19 epidemic, Meta engaged in aggressive hiring.

However, in 2022, the company’s operations were negatively affected as advertisers reduced spending due to the rapidly rising interest rates. Meta, which was once valued at more than $1 trillion, is now worth $446 billion. On Wednesday, Meta’s stock fell by roughly 0.5%. To control expenditures, the corporation has announced that it will minimize office space, decrease discretionary spending, and maintain the hiring freeze until 2023.

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Zuckerberg introduced a new subscription service on Sunday that charges users $11.99 or $14.99 per month to authenticate their accounts and receive customer service. According to report the service will first launch in Australia and New Zealand this week and then expand to the United States later this year.

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