Meta, the owner of Facebook and Instagram, is cutting 10,000 jobs to cut costs.
The company said on Tuesday that it would reduce the size of its recruiting team, further reducing its technology team in late April and then its business team in late May.
“We want to reduce the size of our team by about 10,000 people and close about 5,000 open positions that we haven’t hired yet,” CEO Mark Zuckerberg said.
“It’s going to be tough, there’s no way around it.
“It will mean saying goodbye to talented and passionate colleagues who have contributed to our success.”
Just four months ago, Meta was investing billions of dollars in building the future Metaverse, laying off more than 11,000 jobs worldwide.
It is one of several big companies wielding an ax to rein in costs in an attempt to ride out the global recession.
Rapid rate hikes and weak consumer demand are forcing companies such as amazon, Twitter and Microsoft layoffs.
Meta’s latest layoffs are part of a broader shake-up at the tech company that will see it eliminate lower-priority projects, lower hiring rates and flatten the middle management class.
Shares of Meta jumped 6% following the news.
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Mr Zuckerberg has pledged to turn 2023 into a “Year of Efficiency”, pledging to cut costs by $5 billion to between $89 billion and $95 billion.
“I think we should prepare for the possibility that this new economic reality will persist for many years,” he said in a message to employees Tuesday.
The tech industry has shed more than 280,000 jobs since the start of 2022, with about 40% of those cuts due this year, according to tracker layoffs.fyi.