Mark Zuckerberg’s Meta has begun to lay off its WhatsApp, Instagram, and Reality Labs employees.
The Verge, in its report on Wednesday, October 16, 2024, citing the people familiar with the matter, claimed that Meta is laying off its employees in smaller cuts to pretend it is reorganizing specific teams.
The spokesperson of the company, Dave Arnold, told The Verge, “Today, a few teams at Meta are making changes to ensure resources are aligned with their long-term strategic goals and location strategy.”
He further added, “This includes moving some teams to different locations and moving some employees to different roles. In situations like this, when a role is eliminated, we work hard to find other opportunities for impacted employees.”
Moreover, the Financial Times reported that the company, besides firing employees in the form of team restructuring, has terminated two dozen staff in Los Angeles for using their per day $25 meal credits to buy household items.
It is worth noting that this development came after Zuckerberg called 2023 the “year of efficiency.”
The tech giant, during the earning announcement in February 2023 asserted, “We may incur additional restructuring charges as we progress further in our efficiency efforts. He also said the firm will cut some layers of middle management amid a companywide effort to reduce costs and increase efficiency.”
Furthermore, Meta shares have jumped more than 60% this year and beat market revenue expectations in the second quarter with rosy sales forecasted in the third quarter.
Meta has not yet commented on The Verge and Financial Times reports.
