According to a report from Bloomberg, Meta plans to cut 10% of its workforce, or a total of 8,000 people. Meta will also not be hiring for any of the 6,000 roles currently open.
Meta told employees the layoffs would begin May 20, according to an internal memo sent to employees Thursday and seen by Bloomberg. Reuters earlier reported on Meta’s plans to cut its workforce across the board.
TechCrunch has reached out to Meta for comment.
“We are doing this as part of our continued efforts to help us run the company more efficiently and offset other investments we are making,” Chief Human Resources Officer Janelle Gale told employees, according to the memo. “This is not an easy trade-off, and it means letting go of people who have made meaningful contributions to the meta during their time here.”
Meta spent tens of billions of dollars on Metaverse efforts that largely failed. The company also needed to make significant investments in its AI efforts to stay ahead of competitors in this space. Earlier this month, we debuted a completely overhauled AI product called Muse Spark.
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