(The Hill) — Facebook parent company Meta on Tuesday announced it’s cutting around 10,000 employees in another bout of massive layoffs as the tech sector struggles with a fraught economy.
CEO Mark Zuckerberg said in a message to employees that the company is restructuring to become leaner, laying off around 10,000 more workers and not filling 5,000 previously open roles.
“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 in a post.
Employees in recruiting will know if they’re impacted this week, tech roles will know in April and business roles will learn in May, according to Zuckerberg.
The layoffs come four months after Meta announced that it would lay off more than 11,000 employees as part of its continued efforts to become “leaner and more efficient.”
Zuckerberg on Tuesday cited a “difficult economic environment” amid high-interest rates and geopolitical instability.
“At this point, I think we should prepare ourselves for the possibility that this new economic reality will continue for many years. Higher interest rates lead to the economy running leaner, more geopolitical instability leads to more volatility, and increased regulation leads to slower growth and increased costs of innovation,” Zuckerberg said.
Meta’s latest announcement also come days after the collapse of Silicon Valley Bank, which notably serviced the tech sector, in the largest bank failure since the 2008 financial crisis.
Top tech companies like Google, Microsoft, Zoom, PayPal and Spotify have all axed employees in recent months as the industry weathers economic woes.