Facebook announced to lay off thousands of employees

Meta, formerly known as Facebook, has announced that it will lay off 10,000 employees in addition to the 11,000 that were fired four months ago. The company's CEO, Mark Zuckerberg, stated in a Facebook post that this measure is intended to reduce the size of the company and eliminate 5,000 positions that have not yet been filled.




While Zuckerberg did not provide a specific reason for the layoffs, reports suggest that the move is aimed at streamlining Meta's operations and discontinuing non-essential projects. The company is looking to cut costs and improve efficiency in 2023, with Zuckerberg aiming to reduce spending by $5 billion.

This latest round of layoffs is part of a larger restructuring effort that has been ongoing at Meta since last year. The company has been working to shift its focus away from social media and towards other areas, such as virtual and augmented reality, e-commerce, and the metaverse.

Despite the layoffs, Meta remains one of the world's largest tech companies, with a market capitalization of over $800 billion. The company's products, including Facebook, Instagram, WhatsApp, and Oculus, continue to have a massive user base, making it a major player in the tech industry.

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