Meta announces 10,000 layoffs in ‘Year of Efficiency’; Highlights AI over Metaverse as ‘Biggest Investment’ –
Meta, the social media company, will continue to cut some of its workforce and recently announced 10,000 new layoffs to be implemented over the course of 2023 as part of its new efficiency policy. Mark Zuckerberg, the company’s CEO, stated that artificial intelligence (AI) is the company’s most prominent investment right now, even beyond the Metaverse.
Meta announces 10,000 layoffs to achieve sustainability
Meta, the parent company of platforms like Facebook, Instagram and Whatsapp, has announced a number of new steps as part of its “Year of Efficiency” policy. In a Facebook post, Meta CEO Mark Zuckerberg announced a new round of 10,000 layoffs to be implemented by the end of 2023. He also explained that 5,000 vacancies will be closed.
Zuckerberg explained that these layoffs are a consequence of the new economic configuration that the US and the world are currently facing. With that in mind, Zuckerberg stated:
Higher interest rates make the economy run leaner, more geopolitical instability leads to more volatility, and more regulation leads to slower growth and higher costs of innovation. Given this prospect, we need to work more efficiently than we did with our previous downsizing to ensure success.
However, Zuckerberg notes that the company is working on a plan to continue investing in future developments while maintaining the company’s sustainability in the short term.
That move was expected in February, with reports suggesting a new round of layoffs would be carried out due to the delay in finalizing internal budgets. Meta laid off 13% of its workforce in November last year, announcing a culture shift at the company and citing macroeconomic conditions as the cause of the move.
Closer to the AI than the Metaverse
While Zuckerberg’s blog post mentions the metaverse as part of the key technology for the company, stating that it serves to “provide a realistic sense of presence” and that it “remains central to the future of social connection.” to define,” he revealed. Meta is also currently providing funding to other emerging areas.
As part of an explanation of how the company does business internally, Zuckerberg commented:
Our largest single investment is the further development of AI and its incorporation into each of our products. We have the infrastructure to do this on an unprecedented scale and I think the experiences that will be made possible will be amazing.
What do you think of the new round of layoffs announced by Meta CEO Mark Zuckerberg? Tell us in the comment section below.
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