- Zuckerberg called it “The Year of Efficiency”
- At the same time, Meta shifts the focus from Metaverse to AI
- The wave of layoffs in the company will begin in April
On Tuesday, March 14, Meta CEO Mark Zuckerberg announced that the company is planning another wave of cuts. The news came a day after the corporation announced it was ending its NFT support programs.
Under dismissal will fall about 10 thousand employees, i.e. 11.6% of the staff. It is not yet known exactly which departments this wave will sweep through, but, apparently, the Metaverse team will not be an exception.
In addition, Meta is suspending new hires indefinitely. In February, for example, the company had about 5 thousand vacancies.
Zuckerberg explained this with additional measures as part of the Year of Efficiency. This is Meta’s global plan to restructure and reorient the company.
So, for example, if in January of this year the organization called Metaverse its main priority, now AI has taken its place. It looks like the corporation wants to participate in the race for more market share of chatbots with artificial intelligence.
The company will announce layoffs in technical groups at the end of April, in business groups – at the end of May. It is expected that this will reduce the loss for the year from $89-95 billion to $86-92 billion.
The restructuring itself will require from 3 to $5 billion. These are the costs of consolidating facilities and severance pay for employees.