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Meta To Layoff Thousands Of Employees: Report

Meta laid off nearly 11,000 employees last year as a part of its cost-cutting measures

Meta To Layoff Thousands Of Employees: Report

Outlook Start-Up Desk

POSTED ON March 07, 2023 10:57 AM

Meta Layoffs can affect thousands of employees once again. According to a Bloomberg report, Mark Zuckerberg-led global tech company is planning to fire several employees in an attempt to meet its financial target. However, the company did not comment anything on the prospective development. 

Multiple media sources reported that Meta, which has been witnessing a slowdown in its advertising revenue, asked the vice presidents and directors to make a list of possible employees who can be terminated in the latest round of layoffs. 

This will be the company’s second round of layoffs. Prior to this, it axed 13 per cent of its entire workforce in November, which resulted in 11,000 people losing their jobs. 

Global tech layoffs have been a subject of discussion since 2022. According to a Mint report, nearly 1,50,000 employees lost their job in the global tech arena last year. Big tech giants were seen to cut down jobs as a part of their cost-cutting measures. Tech giants like Twitter and Meta were seen trimming down their employee bandwidth. Like Meta, Twitter also laid off employees to keep its business on profitability track. After the acrimonious takeover by the maverick billionaire Elon Musk, the company fired 7,500 employees. 

Till now, this year has not offered any difference. It started with Amazon hitting the news headline after announcing its plans to layoff 18,000 employees this year. It was followed by Google and Walmart, which fired 12,000 and 10,000 staff respectively. 

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