Meta will begin a “new round” of layoffs
According to a report that was published by the Daily Mail, Meta, the parent company of the widely used social media platforms Facebook, Instagram, and WhatsApp, is looking to start a new drive to fire employees on Wednesday. In November of last year, Meta fired 11,000 people.
The communications and marketing teams’ employees are likely to be the focus of the firing campaign.
The development comes at the same time that vice president of the United States of America Nada Stirratt resigned from her position on Monday, signaling a shift in the top ranks.
Additionally, Marne Levine resigned from her position as Chief Business Officer (CBO) last month, but she would remain until summer.
Her decision to step down as CBO shocked the company because she had held leadership positions throughout her 13 years at Meta.
Since TikTok’s growth has slowed over the past few months and advertisers have cut their budgets, Meta has had a lot of competition from TikTok.
Since Facebook’s users dropped significantly in the first year of its existence as a result of its rivals’ tough times, advertisers have chosen not to use Meta.
Meta’s CEO, founder, and Chairman Mark Zuckerberg called this year “a year of efficiency” because the company is trying to cut costs by pulling out of the NFT offering.
A portion of Meta’s developments have ended up finding success nonetheless, its different developments have caused a 18% increase in its securities exchange shares.
In a statement released in November of last year, Zuckerberg announced the layoff of 11,000 employees, or 13% of the company’s workforce.
Taking responsibility CEO Meta claimed that he had “got this wrong” and was to blame for the company’s problems.
He had apologized to the laid-off workers and stated that the layoffs were the “last resort” to save the business. Additionally, he had stated that the company was halting the hiring process and that the majority of the recruiting team had been let go.