After Meta lost $700 billion in market cap last year, Mark Zuckerberg announced a mass layoff to make sure this is its “Year of Efficiency”
: Zuckerberg announced Meta will eliminate 5,000 openings and kill “lower priority” projects,
including those related to NFTs. “This will be tough and there’s no way around that,” Zuckerberg said. The cuts represent 13 percent of Meta’s workforce and come just four months after the social-media giant laid off another. This round, the recruiting team will be first to be axed, followed by layoffs on the tech side in April and the business team in late May. “In a small number of cases, it may take through the end of the year to complete these changes,” Zuckerberg wrote, stressing out the remaining employees.
The announced cuts are a big shift for Meta, which hired at a rapid pace in recent years. Before the November layoffs were announced, the company had more than 87,000 full-time employees and was spending on like free laundry and dinner for anyone who stayed at work after 6 p.m. But one of the most damaging blows
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