• Send Us A Tip
  • Calling all Tech Writers
  • Advertise
Monday, June 16, 2025
  • Login
  • Register
TechStory
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to
No Result
View All Result
TechStory
No Result
View All Result
Home Tech

Tech giant Meta is getting ready for another wave of layoffs

by Sneha Singh
February 23, 2023
in Tech
Reading Time: 2 mins read
0
Meta
TwitterWhatsappLinkedin

The Washington Post reported on Wednesday that Meta Platforms Inc., the parent company of Facebook, is preparing to make further job cutbacks as part of a reorganization and downsizing exercise that may effect thousands of employees. As it struggled with rising expenses and a sluggish advertising market, the social media giant let go 13% of its personnel, or more than 11,000 people, last year. According to the Washington Post, which cited a source familiar with the situation, Meta now intends to promote certain executives into lower-level positions without direct reporting, flattening the management levels between top boss Mark Zuckerberg and the company’s interns.

You might also like

New COVID-19 Variant “Nimbus” Sparks Concerns as Global Cases Rise

YouTube’s War on Ad-Blockers Is Making Videos Lag—and Viewers Angry

Pentagon Criticized for Sharing Misleading Protest Videos to Justify Military Presence in Los Angeles

Reuters reached out to Meta for comment, but the company declined. Nevertheless, spokesperson Andy Stone referenced various prior comments made by Zuckerberg in a series of tweets, which indicated that additional cutbacks were imminent. Earlier this month, Zuckerberg warned investors that last year’s layoffs were “only the beginning of our focus on efficiency, not the end.” He promised to focus on “flattening our org structure and removing some layers of middle management.”

Meta laid off Indian techies within 2-3 days of their joining
Credits: ET CIO

Meta actively recruited staff during the COVID outbreak

In the 18-year history of Meta, the layoffs from last year were the first. Many other big firms, including Snap Inc., Microsoft Corp., and Alphabet Inc., parent company of Google, have eliminated thousands of employees. During the COVID outbreak, Meta actively recruited staff to handle a spike in social media usage from consumers who were stranded at home. Nevertheless, as a result of marketers cutting down on expenditure due to fast rising interest rates, company struggled in 2022.

Once valued at over $1 trillion, Meta is now worth $446 billion. On Wednesday, shares of Meta decreased by around 0.5%. In order to control costs, the corporation has also stated that it will downsize its office space, cut back on discretionary expenditure, and prolong a recruiting moratorium until 2023.
According to a survey from recruitment company Challenger, Gray & Christmas Inc., over 100,000 layoffs were reported at US corporations in January, with technology companies leading the way.

Users will be getting a blue tick next to their names

Almost 11,000 people lost their jobs due to Meta Layoffs the previous year. 13 percent of the staff was eliminated in the greatest layoffs the tech industry has ever seen and the first and biggest in Meta’s 18-year existence.

Zuckerberg said that the business will be extending its employment freeze until March 2023 following the Meta Layoffs in November 2022. Unfortunately, Meta may undergo another wave of layoffs in March 2023. The launch of “Meta Verified,” a new subscription service from Meta that resembles Twitter Blue, has been officially announced. Users can become verified on Facebook and Instagram thanks to the Meta Verified subscription, which is one of its biggest benefits.

If the profile is verified, users will get a blue tick next to their names, which has become a status symbol over the years. The subscription will also offer an extra security feature to help authentic creators fight against impersonating accounts. Currently, the Meta Verified is being tested in Australia and New Zealand at $11.99 per month on the web or $14.99 per month on iPhones.

Tags: Mark ZuckerbergMassive layoffMetatwitterVerified accounts
Tweet54SendShare15
Previous Post

The Supreme Court admits that they are not the best people to decide how the internet will develop

Next Post

Amazon closes deal to acquire One Medical for $3.9bn

Sneha Singh

Sneha is a skilled writer with a passion for uncovering the latest stories and breaking news. She has written for a variety of publications, covering topics ranging from politics and business to entertainment and sports.

Recommended For You

New COVID-19 Variant “Nimbus” Sparks Concerns as Global Cases Rise

by Harikrishnan A
June 16, 2025
0
New COVID-19 Variant “Nimbus” Sparks Concerns as Global Cases Rise

As much of the world moves on from the early chaos of the pandemic, a new COVID-19 variant is quietly making its way through communities across Asia, Europe,...

Read more

YouTube’s War on Ad-Blockers Is Making Videos Lag—and Viewers Angry

by Harikrishnan A
June 16, 2025
0
YouTube Faces Criticism Over Alleged Slowdown Tactics on Firefox and Edge

If you’ve noticed YouTube videos taking longer to start lately, you’re not alone—and it might not be a glitch. Over the past several days, users across Reddit and...

Read more

Pentagon Criticized for Sharing Misleading Protest Videos to Justify Military Presence in Los Angeles

by Harikrishnan A
June 16, 2025
0
Pentagon Criticized for Sharing Misleading Protest Videos to Justify Military Presence in Los Angeles

California Governor Gavin Newsom has condemned the U.S. Department of Defense for circulating misleading footage to support the Trump administration’s recent military deployment in Los Angeles. The controversy...

Read more
Next Post
Amazon closes deal to acquire One Medical for $3.9bn

Amazon closes deal to acquire One Medical for $3.9bn

Please login to join discussion

Techstory

Tech and Business News from around the world. Follow along for latest in the world of Tech, AI, Crypto, EVs, Business Personalities and more.
reach us at [email protected]

Advertise With Us

Reach out at - [email protected]

BROWSE BY TAG

#Crypto #howto 2024 acquisition AI amazon Apple bitcoin Business China cryptocurrency e-commerce electric vehicles Elon Musk Ethereum facebook flipkart funding Gaming Google India Instagram Investment ios iPhone IPO Market Markets Meta Microsoft News NFT samsung Social Media SpaceX startup startups tech technology Tesla TikTok trend trending twitter US

© 2024 Techstory.in

No Result
View All Result
  • News
  • Crypto
  • Gadgets
  • Memes
  • Gaming
  • Cars
  • AI
  • Startups
  • Markets
  • How to

© 2024 Techstory.in

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?