META Cuts 10,000 More Jobs, Continuing Tech Layoffs

On Tuesday, Meta Platforms (formerly Facebook) announced that it will reduce its workforce by 10,000 jobs in 2023, becoming the first major tech company to initiate a second wave of mass layoffs as the industry prepares for a significant economic downturn. Following this news, Meta’s shares increased by 6%. This long-anticipated move is part of a restructuring plan that involves canceling the hiring process for 5,000 available positions, eliminating lower-priority projects, and simplifying middle management structures.

Last year, Meta executed its first round of mass layoffs in the fall season, eliminating more than 11,000 jobs or 13% of its workforce at the time. This came after a hiring spree that doubled the company’s employee count from the previous year.

As concerns over an economic downturn continue to rise due to increasing interest rates, various companies across corporate America have implemented a series of mass job cuts in recent months. The tech industry has been at the forefront, with over 290,000 employees laid off since the beginning of 2022, according to the tracking website Layoffs.fyi.