“A leaner org will execute its highest priorities faster,” Zuckerberg’s message said. Following his announcement, Meta shares were up by about 5.5%. However, investors appear to be disillusioned with his reckless diversification and sinking funds in unrelated areas like Reality Labs.

MENLO PARK (Silicon Valley, California), March 14: Meta will lay off more employees in a second dose of staff reduction. The parent organisation of Facebook and WhatsApp announced on Tuesday that it will terminate the services of another 10,000 employees this year.

Announcing the layoff, Meta CEO Mark Zuckerberg said the year 2023 will be Meta’s “year of efficiency.” “A leaner org will execute its highest priorities faster,” Zuckerberg’s message said.

Following his announcement, Meta shares were up by about 5.5%.

The company laid off more than 11,000 employees in November last. That was roughly 13% of total employees. Then Zuckerberg had said Meta plans “on cutting projects that aren’t performing or may no longer be crucial” and “removing 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.

However, days earlier Meta had already started disbanding Kustomer, a customer service company it acquired last year, and New Product Experimentation team. But there was no mention of his most expensive venture, Reality Labs unit. Investors appear to be disillusioned with his reckless diversification and expenditure.

It also disbanded its skunkworks New Product Experimentation team.

Zuckerberg predicted the economic instability could continue for “many years.”

The world's largest social media platform, Meta began with Facebook app and today has multiple powerful apps like photo and video sharing app Instagram and WhatsApp messaging. There are billions of customers. Met shares a large segment of advertiesement. It faces intense competition from Google and Snapchat. Other competitors are Apple (messaging), YouTube (advertising and video), Bytedance (social media) and Tencent (messaging and social media).

Meta Platforms' total number of employees

• In 2022 was 86,482, a 20.16% increase from 2021;
• In 2021 was 71,970, a 22.81% increase from 2020;
• In 2020 was 58,604, a 30.4% increase from 2019; and,
• In 2019 was 44,942, a 26.29% increase from 2018;

For previous years the numbers were:

• Year 2018 - 35,587;
• Year 2017 - 25,105;
• Year 2016 - 17,048;
• Year 2015 - 12,691;
• Year 2014 - 9,199;
• Year 2013 - 6,337;
• Year 2012 - 4,619; and,
• 2011 - 3,200

Meta expenses in 2023 is expected to come down to $86 billion to $92 billion, lower by a few billions of last year.

Twilio, Dell, Zoom and eBay also recently announced reductions in their workforce. In January, Google announced plans to lay off more than 12,000 employees, Microsoft 10,000 employees and Salesforce said it will cut 7,000 jobs. Amazon had a second layoff in January, removing 18,000 employees.

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