Popular Articles
Today Week Month Year


Mark Zuckerberg announces plan to cut 10,000 Meta employees in the next 2 months
By Oliver Young // Mar 17, 2023

Meta CEO Mark Zuckerberg has touted 2023 as the company's "year of efficiency." That means more employees are on the chopping block.

On Tuesday, March 14, Zuckerberg announced the company's plan to cut 10,000 employees in the next two months – just short of the 11,000 it laid off in November, which equated to roughly 13 percent of Meta's overall staff at the time. (Related: Meta's Mark Zuckerberg fires more than 11K employees, takes blame for overestimating company's growth prospects.)

Zuckerberg earlier said that Meta plans "on cutting projects that aren't performing or may no longer be crucial." The company also wants to remove layers of middle management to make decisions faster.

"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 in a message to employees.

The company is expected to incur restructuring costs ranging from $3 billion to $5 billion.

Meta, Facebook's parent company, also plans to close 5,000 additional open roles that it hasn't yet filled. Zuckerberg noted that the company should prepare for "the possibility that this new economic reality will continue for many years."

In a Securities and Exchange Commission (SEC) filing announcing the cuts, Meta said it is expecting lowered total expenses this year – ranging from $86 billion to $92 billion.

"We are a technology company, and our ultimate output is what we build for people," Zuckerberg said. As part of the restructuring, the company will increase the number of direct reports each manager has.

Human knowledge is under attack! Governments and powerful corporations are using censorship to wipe out humanity's knowledge base about nutrition, herbs, self-reliance, natural immunity, food production, preparedness and much more. We are preserving human knowledge using AI technology while building the infrastructure of human freedom. Speak freely without censorship at the new decentralized, blockchain-power Brighteon.io. Explore our free, downloadable generative AI tools at Brighteon.AI. Support our efforts to build the infrastructure of human freedom by shopping at HealthRangerStore.com, featuring lab-tested, certified organic, non-GMO foods and nutritional solutions.

"A leaner org will execute its highest priorities faster," Zuckerberg noted in his message to employees.

Meta laying off thousands of employees while losing billions in metaverse

Amid these job cuts, Meta continues to spend billions of dollars developing the virtual reality (VR) and augmented reality (AR) technologies required to build the digital universe coined the metaverse.

The company's Reality Labs division, which is tasked with creating the metaverse, reported a total of $23.7 billion in operating losses over the past two years against a combined $4.4 billion in revenue over the same period.

Back in 2014, Meta bought Oculus for $2 billion. Oculus is the pioneering VR hardware company that formed the groundwork for these efforts.

Meta's investment in the area has only escalated since. The company picked up a number of major software companies along the way – including Within, developer of the virtual workout app Supernatural.

Meta hasn’t disclosed its headcount numbers for Reality Labs, but the company reportedly had 17,000 employees in the division prior to the layoffs late last year. Staffing and hardware development account for the majority of cash spent in the area.

In a recent earnings call, Zuckerberg emphasized the fact that Reality Labs encompasses AR, VR and metaverse-related software (Horizon Worlds, etc.) at the company.

"I think the software and social platform might be the most critical part of what we're doing, but software is just a lot less capital intensive to build than the hardware," Zuckerberg said.

Meta appears ready to the stay the course on VR and AR.

"None of the signals that I’ve seen so far suggests that we should shift the Reality Labs strategy long term," Zuckerberg said.

"We are constantly adjusting the specifics of how we execute this, so I think that we'll certainly look at that as part of the ongoing efficiency work."

Read more news related to the Facebook founder at MarkZuckerberg.news

Watch this video about Facebook's plans to lay off thousands of employees months ago.

This video is from the Pool Pharmacy channel on Brighteon.com.

More related stories:

Meta plans to sack thousands of employees amid severe drop in revenue.

BardsFM host Scott Kesterson: Meta is the biggest trap ever laid for humanity – Brighteon.TV.

Meta MADNESS: World Economic Forum to have leadership role in the metaverse.

Sources include:

CNBC.com

BusinessInsider.in

Brighteon.com



Take Action:
Support NewsTarget by linking to this article from your website.
Permalink to this article:
Copy
Embed article link:
Copy
Reprinting this article:
Non-commercial use is permitted with credit to NewsTarget.com (including a clickable link).
Please contact us for more information.
Free Email Alerts
Get independent news alerts on natural cures, food lab tests, cannabis medicine, science, robotics, drones, privacy and more.

NewsTarget.com © 2022 All Rights Reserved. All content posted on this site is commentary or opinion and is protected under Free Speech. NewsTarget.com is not responsible for content written by contributing authors. The information on this site is provided for educational and entertainment purposes only. It is not intended as a substitute for professional advice of any kind. NewsTarget.com assumes no responsibility for the use or misuse of this material. Your use of this website indicates your agreement to these terms and those published on this site. All trademarks, registered trademarks and servicemarks mentioned on this site are the property of their respective owners.

This site uses cookies
News Target uses cookies to improve your experience on our site. By using this site, you agree to our privacy policy.
Learn More
Close
Get 100% real, uncensored news delivered straight to your inbox
You can unsubscribe at any time. Your email privacy is completely protected.