Meta, the parent of social media platforms Facebook and Instagram is planning to conduct another round of layoffs. According to a report by Bloomberg, the proposed move would impact nearly 4,000 employees across verticals like Facebook, Instagram, WhatsApp and Reality Labs–which works to meet the company’s virtual reality efforts. 

The Bloomberg report suggests that the company is planning to slash its workforce to meet its owner, Mark Zuckerberg’s greater efficiency vision. The restructuring process is also a part of the company’s cost-cutting measures to keep itself profitable amid the global economic headwinds. 

Bloomberg confirms that the company notified its managers to announce the job cuts on Wednesday via a memo. 

Meta already laid off 13  per cent of its employees last November. It also put a slowdown in hiring to combat the global financial hardships. 

However, Meta spokespersons denied commenting on the company’s prospective decision.

The global tech sector witnessed massive hardships last year. Nearly, 1,50,000 workers lost their jobs. All the big tech giants like Meta, Twitter and Amazon were seen trimming down their employee numbers. After the acrimonious takeover by the maverick billionaire Elon Musk, Twitter announced to fire 7,500 employees. Meta also fired 11,000 staff. 

This year has also not offered anything different till now. It started with the global e-commerce giant Amazon announcing to lay off 18,000 staff. The e-commerce major was followed by Google’s parent Alphabet and Walmart, which fired 12,000 and 10,000 workers respectively.