Facebook's parent company Meta eliminates jobs, sacks India's top executives
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Meta earlier became thefirst Big Tech firm which went through second round of mass layoffs after sacking more than 11,000 employees
Facebook's parent company Meta Platforms Inc on Wednesday eliminated jobs in its business and operations units as part of its final batch of the three-round of layoffs, which also included two top Indian executives. The fresh layoff was part of the plan announced by the company in March which aimed at cutting 10,000 jobs across verticals.
Many employees who were part of teams like programme management, corporate communications, content strategy, marketing, site security and enterprise engineering announced their layoffs on LinkedIn.
The social media giant also deducted employees from its units which focused on integrity and privacy, according to posts shared by employees on LinkedIn.
Earlier this year, Meta emerged as the first Big Tech firm which announced a second round of mass layoffs, days after it fired more than 11,000 employees. The deduction of employees brought the headcount of the company down to where it was in mid-2021 after it went through a hiring spree which doubled the company's workforce since 2020.
The shares of the company ended marginally up in a weaker market. This year, Meta has doubled its value and has made it to top performers in the S&P 500 index, because of its cost-cutting drive and its focus on artificial intelligence.
In March, Meta Chief Executive Mark Zuckerberg stated that the majority of layoffs in the second round would take place within the company in three "moments" in a span of several months and will end in May.
He had further stated that some smaller rounds can continue after that.
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Thursday, May 25, 2023 at 2:47 am