Meta Platforms INC., the parent company of Facebook is set to lay off around 10,000 of its workforce and dismiss about 5000 open vacant positions.
The social media giant said it will also cancel most of its projects, which is aimed at making the organisation flatter and removing multiple layers of management.
However, the layoff will be the second major round of job cuts from the company, coming after it announced the elimination of 11,000 workforces representing a 13 percent layoff in November 2022.
Mark Zuckerberg, chief executive officer, Meta in a statement Tuesday confirmed the rumours that another round of layoff is taking effect.
Zuckerberg in a memo sent to staff said, “This will be tough and there’s no way around that.”
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“It will mean saying goodbye to talented and passionate colleagues who have been part of our success. They’ve dedicated themselves to our mission and I’m personally grateful for all their efforts,” the Memo reads.
He added after the restructuring efforts are complete, the company will lift its hiring freeze across its various groups.
Facebook’s parent company said it expects the latest restructuring efforts to start in April, and the process to impact business groups in May.
Meanwhile, Meta and other tech companies have been hiring over the last two years, before letting some go over the last few months.