Meta Platforms Inc. was to set to start cutting jobs across the company on Wednesday as it restructures teams. Find out more.
on Wednesday, according to a memo seen by Bloomberg News. The memo indicates Facebook, WhatsApp, Instagram and Reality Labs — which houses the firm’s virtual reality efforts and Quest hardware — will be affected. The move is part of a cost-cutting push that will eventually eliminate 10,000 positions at the company, as announced by Zuckerberg in March. A further round of cuts is set to follow in May.
Meta shares fell 1.6 per cent to US$214.41 in pre-market trading, tracking a broader decline in stocks. The memo circulated to managers indicates that teams will be reorganized and some remaining employees will be reassigned to work under new managers. Meta asked that North American employees who can work from home do so on Wednesday to process the news, the memo showed.
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