Meta Allegedly Planning for Another Round of Layoffs

Reports suggest that Meta, the parent company of Whatsapp, Instagram, and Facebook, is set to unveil a new wave of layoffs soon. Apparently, the budget for each team has yet to be finalized, leading to delays in operations and impacting the productivity of Meta’s workforce.

Meta Allegedly Planning New Layoffs

Meta, the social media giant, is reportedly considering downsizing its workforce further in the near future. Financial Times reports suggest that the company has yet to finalize budgets for its internal teams, leading to speculation of impending layoffs.

This uncertainty has created a planning predicament for division managers, resulting in operational disruptions and project delays across critical areas like the metaverse and advertising. The fallout has affected output and caused delays in resolving pressing issues.

Internally known as “the flattening,” the decision has reportedly taken a toll on employee morale, with workers criticizing the execution of Meta CEO Mark Zuckerberg’s “year of efficiency” vision for the company in 2023. One employee stated: “Honestly, it’s still a mess. The year of efficiency is kicking off with a bunch of people getting paid to do nothing.” 

One of the key employees of the metaverse and virtual reality (VR) division of the company, John Carmack, left Meta in December due to operational inefficiencies despite the headcount of the company. “I think our organization is operating at half the effectiveness that would make me happy,” he stated at that time.

One of the key employees of the metaverse and virtual reality (VR) division of the company, John Carmack, left Meta in December due to operational inefficiencies despite the headcount of the company. “I think our organization is operating at half the effectiveness that would make me happy,” he stated at that time.

This reported round of layoffs would mark the second time Meta has downsized its workforce in under a year, following the departure of 11,000 employees, equating to 13% of its total headcount. However, it seems the company’s restructuring efforts don’t stop there.

According to the same reports, Meta is now zeroing in on middle management personnel, either requesting that they accept non-managerial roles or leave the company altogether.

Despite its cost-cutting efforts, Meta has reaffirmed its commitment to the metaverse as a primary focus in the long run, vowing to continue investing in the sector. During the Q4 2022 earnings call, Meta CFO Susan Li acknowledged that metaverse operations were expected to continue losing money throughout 2023.

Similar to Meta, other tech firms, including Microsoft, have also implemented restructuring measures and announced layoffs in response to the market changes resulting from the COVID-19 pandemic.

Johnson Philip

Johnson Philip is a passionate cryptocurrency enthusiast and writer for CoinSEM.com. He has been following the crypto industry for years, and has a deep understanding of the various technologies and trends driving the market. Johnson has written extensively on topics ranging from blockchain development to ICO analysis and is known for his ability to translate complex technical concepts into easy-to-understand language.