Meta job cuts: Layoffs across Facebook, WhatsApp, Instagram

Meta, the parent company of Facebook, Instagram, and WhatsApp, will begin its second round of mass layoffs on Wednesday which will reportedly impact 10,000 employees.

This restructuring of teams and works are carried out to meet the company's founder Mark Zuckerberg's goal of greater efficiency, according to a report in Bloomberg.

The company has issued a memo to managers to announce the latest round of firing. This will have impact on Facebook, WhatsApp, Instagram and Reality Labs and take away 10,000 jobs.

The memo has also indicated that the remaining workers will be reassigned to work under new managers.

In March, Zuckerberg announced that the company would fire 10,000 workers. "We expect to reduce our team size by around 10,000 people and to close around 5,000 additional open roles that we haven't yet hired," Reuters quoted Chief Executive Officer Mark Zuckerberg as saying in a message to staff.

The process of the first round of layoffs started in November 2022.

In a letter to employees, Mark Zuckerberg said the company had decided to reduce the size of the team by about 13 per cent and letting 11,000 employees go.

"We are also taking a number of additional steps to become a leaner and more efficient company by cutting discretionary spending and extending our hiring freeze through Q1. I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I'm especially sorry to those impacted," he said in the letter.

Before the tech giant decided to reduce its staff, the company reportedly had over 87,000 employees.

Despite coming under criticism over data privacy issues and toxic content, Meta has been been a powerhouse company for years.

Meta was valued at $1 trillion in 2021, but the year 2022 was not a great year for the company due to a global economic slowdown and a decline in digital advertising, which is the main source of its revenue, according to a report in The New York Times.