Crypto winters have come and gone, but none of them have been as harsh as last year’s. The space was plagued by asset price drops, company shutdowns, hacks, and mass layoffs. Despite stepping into another new calendar year, the layoff spree has been going on in full swing.
A recent report from Bloomberg revealed that Meta is looking to initiate a new round of layoffs. Citing “people familiar with the matter,” the report highlighted that thousands of employees are likely to be affected as soon as this week. Meta is reportedly doing so “to become a more efficient organization.”
Zuckerberg has apparently labeled 2023 as Meta’s “year of efficiency.” In fact, the company has been conveying the said theme to employees during performance reviews. The evaluations were reportedly completed last week.
According to Bloomberg’s unnamed sources,
The imminent round of cuts is being driven by financial targets and is separate from the “flattening,” said the people, who asked not to be identified discussing internal matters.
Also Read: Meta Announces Layoffs that will affect 11,000 Employees
Meta follows the footsteps of Twitter, Microsoft
This aforementioned layoff phase could be finalized in the coming week, according to the people. According to the report, “those working on the plan are hoping to have it ready before Chief Executive Officer Mark Zuckerberg goes on parental leave for his third child, which may be imminent,” one person said.
According to the sources, the company has asked Directors and Vice Presidents to compile “lists of employees” who can be fired. Meta, however, has not confirmed the same, and a spokesperson declined to comment or give more details to Bloomberg.
Of late, Meta has been working to “flatten” its organization. It has reportedly been giving buyout packages to managers and cutting teams it considers needless. The said move is also being finalized and could affect thousands of staff.
In its first-ever mass layoff, Meta let go of 11,000 workers, accounting for around 13% of its workforce, in November last year. CEO Mark Zuckerberg took full responsibility for the decision.
Leaving aside Meta, other companies also continue to reduce headcount. Towards the end of last month, Elon Musk’s Twitter fired around 200 employees. Owing to the “global economic slowdown,” even tech giant Microsoft has been executing mass layoffs.
Also Read: Twitter Executive Esther Crawford Among Another 200 Layoffs