Mark Zuckerberg has dubbed 2023 as the "year of efficiency", as the technology company moves forward with plans to lay off an additional 10,000 employees, which is equivalent to roughly 13% of its workforce. Meta, the parent company of Facebook and Instagram, made the announcement on Tuesday, citing a need to restructure its business and technology divisions in April and May.
The layoffs are a part of this restructuring effort, which includes the closure of 5,000 unfilled job postings. In a memo, Zuckerberg acknowledged the difficulty of the situation, stating that "there's no way around" the challenges the company will face.
Last year, Meta had approximately 87,000 full-time employees, but it cut employee benefits as part of its cost-cutting measures. During a February earnings call, the CEO explained that he did not want the company to be overly burdened by middle management positions.
