We haven’t even crossed the half year mark and Meta is on it’s second round of layoffs this year, with slashing 6,000 jobs this time. This followed the social media firm cutting 4,000 jobs in April after announcing their larger plan in March to cut 10,000 jobs.
Chief executive Mark Zuckerberg said the layoffs come as part of the company’s ‘year of efficiency’. They plan to cut costs to monetize the metaverse, the virtual reality venture. Unfortunately the tech giant let go of 11,000 people last November and stopped recruiting for approximately 5,000 open roles. The cuts last week also impacted Instagram’s Head of Music Partnerships, Perry Bashkoff.
Yes, I was one of them. I’ve been one of the lucky ones who has had a 25+ year career run without pause. The past five spent at Instagram/Meta bringing music to the masses, building tools, breaking artists, building relationships, and having some of the most fun I’ve ever had doing work.
Perry Bashkoff, Head of Music Partnerships, Instagram expressed in his linkedin post
The global cuts have reduced moral amongst all teams as it leaves employees uncertain about their future. Meta earlier in the year saw profits falling and saw a third consecutive quarter of declining revenue. Zuckerberg has seen to be pulling back on his metaverse strategy as investors want to see cost cutting. The overall cuts have affected the non-engineering roles heavily. The social media’s CEO is promising to restructure the business and return to ‘more optimal ratio of engineers to other roles’.
We hope this is the last round of layoffs for the social media giant! Stay tuned to EDMTunes for all your daily dose of news!