Meta is planning to cut 10% of its workforce, equivalent to about 8,000 employees, according to a Bloomberg report. The company is also expected to leave 6,000 currently open roles unfilled as part of the restructuring.
An internal memo sent to employees on Thursday and viewed by Bloomberg states that the layoffs will begin on May 20. Reuters had previously reported on Meta’s broader plans for significant workforce reductions.
“We’re doing this as part of our continued effort to run the company more efficiently and to allow us to offset the other investments we’re making,” chief people officer Janelle Gale told employees, according to the memo. “This is not an easy tradeoff, a nd it will mean letting go of people who have made meaningful contributions to Meta during their time here.”
Meta has invested tens of billions of dollars into its metaverse initiative, which has not delivered the expected returns. At the same time, the company has been ramping up spending on artificial intelligence to remain competitive in the rapidly evolving AI sector. Earlier this month, Meta introduced a fully revamped AI product called Muse Spark as part of its push into next-generation AI tools.
