Meta, the parent company of Facebook, is set to reduce its workforce by 10,000 employees as part of its “Year of Efficiency” plan.
This move comes as the company struggles with a decrease in online ad spending and heightened competition from TikTok. The layoffs, which were announced in March by CEO Mark Zuckerberg, will occur over April and May, with technical workers being affected in April and enterprise employees in May.
Zuckerberg acknowledged the difficulty of the situation but expressed his desire to complete the organizational changes as soon as possible to move past the uncertainty and focus on critical work.
Meta is also closing 5,000 open positions that it had not filled previously.