Meta preparing to slash thousands of jobs in fresh round of cuts, reports say

Facebook and Instagram parent will announce elimination of additional jobs on Wednesday as it tries to improve efficiency via IrishTimesBiz

We believe more headcount reductions are needed to offset the last two years of excess hiring

In anticipation of the cuts, some team budgets have been frozen, while leaders recently told some staff that they were not handing out promotions to director level for certain teams, two people said. The uncertainty has resulted in disruption and low morale internally for months, multiple insiders said.

At the same time, Zuckerberg has pivoted his company’s focus to investing $10 billion a year into building a digital avatar-filled metaverse, an initiative that is unlikely to be profitable for years.

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