On Tuesday, Meta CEO, Mark Zuckerberg, announced that Facebook's parent company will be laying off another 10,000 workers as the social media platform culls "middle management." That's 10,000 employees in addition to the 11,000 workers Zuckerberg laid off in November.
"Here's the timeline you should expect: over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates," Zuckerberg said.
The company is also set to incur restructuring costs that range from $3 billion up to $5 billion, with Zuckerberg warning that economic instability could continue for "many years."
Not only does the restructure include the elimination of another 10,000 employees, but also the closing of 5,000 additional open positions the platform has not yet filled. Zuckerberg told the remaining workers to prepare for "the possibility that this new economic reality will continue for many years."
An SEC filing that announced the layoffs also noted that Meta anticipates having lowered total expenses in 2023 ranging between $86 billion and $92 billion.
The latest cuts follow previous layoffs in November that eliminated 13% of Meta's total workforce and left 11,000 employees suddenly without jobs.
Meanwhile, Zuckerberg is pitching 2023 as the platform's "year of efficiency," during which the company hopes to become "a stronger and more nimble organization."
"We are a technology company, and our ultimate output is what we build for people," Zuckerberg said during his announcement. Not only is the company drastically scaling back its workforce, but it's also adding additional work to the employees who are left, with each remaining manager taking on more direct reports.
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