Meta has announced that it plans to lay off an additional 10,000 workers, in addition to the initially planned cuts of 11,000 jobs.
In response to the announcement, shares saw upward price action:
Meta shares jump after Zuckerberg announces more layoffs $META
CNBC's Julia Boorstin reports on news that Meta CEO Mark Zuckerberg plans to lay off another 10,000 workers.
Watch it here 👀 https://t.co/llzOYwynxb
— Tech News Club (@TechNewsClub) March 14, 2023
The company claims that the layoffs are due to increasing efficiency at the company, as Meta moves to drastically overhaul its focus and revenue models.
Tech Estate provided details on the first round of cuts:
The first round of cuts is expected to come this week and will impact Meta’s non-engineering workers particularly hard, sources told the WSJ, which notes that the company could also shutter some teams and projects in…