Meta is set to reduce its workforce by 10%, which equals about 8,000 employees, as reported by Bloomberg. Additionally, Meta will not fill 6,000 currently open positions.
An internal memo viewed by Bloomberg indicated these layoffs will commence on May 20. Reuters had previously reported on Meta’s extensive layoff plans.
TechCrunch has contacted Meta for a statement.
According to the memo, Meta’s chief people officer, Janelle Gale, informed employees, “We’re doing this to enhance company efficiency and to balance other investments we’re making. This difficult decision involves parting with employees who have significantly contributed to Meta.”
The company invested heavily in its metaverse initiatives, which largely did not succeed. Meta has also needed significant investments in AI to remain competitive, recently launching an overhauled AI product named Muse Spark.