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Meta set to cut 10,000 jobs, cancel ‘lower priority projects’

Meta set to cut 10,000 jobs, cancel 'lower priority projects'


Meta has made known plans to cut to lay off 10,000 of it’s employees and withdraw around 5,000 open roles that were yet to be filled.

The company co-founder and CEO Mark Zuckerberg said this on Tuesday, confirming rumors that another round of layoffs was imminent in the tech firm.

Zuckerberg also added that the company will be cancelling “lower priority projects,”

The planned layoff comes after four months after Meta eliminated 11,000 roles in the company ahead of what the called the “year of efficiency.”

If this layoff happens, it means that Meta has laid off roughly one-quarter of its workforce since last year.

The company said the tech giant is restructuring. The restructuring move is expected to start in its tech groups in April, and business groups by May.

“In a small number of cases, it may take through the end of the year to complete these changes,” Zuckerberg wrote in a memo to staff and seen by Gadgets Africa

“Our timelines for international teams will also look different, and local leaders will follow up with more details. This will be tough and there’s no way around that.” Mark said.

In a SEC filing, Meta said that it’s expecting it’s full-year 2023 expenses to be around $86 billion and $92 billion.

The figure is usually around $95 billion but they were cut down for “cost-reduction measures” associated with the restructuring, and severance payouts.

The optimistic of a better 2023 as the CEO stated after the restructuring efforts are successful, the company will hire across different regions.

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