After laying off 21,000 employees in two tranches recently, Meta Platforms, the parent company of social media platform Facebook, is set to begin another round of layoffs on Wednesday, according to a Bloomberg report. The latest layoffs come as the company’s is restructuring teams and working towards CEO Mark Zuckerberg’s goal of greater efficiency.
Apart from this, Walt Disney is also planning to cut “thousands of jobs” next week, including about 15 per cent of the staff in its entertainment division, according to another Bloomberg report. This will be the second round of layoffs by the company after it laid off about 7,000 employees in March this year.
Meta has already notified the managers through a memo about the latest job cuts to be announced on Wednesday, according to the Bloomberg report. Facebook, WhatsApp, Instagram and Reality Labs will all be impacted in the latest sacking.
Meta’s recent sacking of 21,000 employees (11,000 in November 2022 and 10,000 in March 2023) is the second highest layoffs, after Amazon’s 27,000 staff layoff done in three tranches. The layoffs have been part of the companies’ plan to cut costs amid economic uncertainty.
So far this year, 594 tech companies have laid off 1,71,308 employees, according to the latest data available at layoffs.fyi. It is compared with the 1,61,411 employees laid off by 1,052 tech companies in 2022.
In the previous rounds of layoffs, Meta’s Zuckerberg gave big clarity on what will happen to employees after their exit from the company. It announced severance package of 16 weeks of base pay and two additional weeks for every year of service, paid time off, restricted stock units vesting, health insurance, career services, and immigration support.
Zuckerberg in November had said, “There is no good way to do a layoff, but we hope to get all the relevant information to you as quickly as possible and then do whatever we can to support you through this.”
He had also said everyone will get an email soon letting them know what this layoff means for them. “After that, every affected employee will have the opportunity to speak with someone to get their questions answered and join information sessions.”
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