- Meta, the parent company of Facebook, has announced plans for another 10,000 job cuts, their second round of significant layoffs in four months.
- CEO Mark Zuckerberg said the cuts will take place over the next couple of months, reducing the company's headcount by 25%.
- The layoffs come as other Big Tech companies, such as Amazon, Alphabet and Microsoft, have also announced job cuts due to higher inflation, recession fears and a shift in pandemic-induced demand.
- Zuckerberg said the layoffs are part of the company’s focus on “increasing the efficiency of how we execute our top priorities” and said the new economic reality could last for many years.