Meta to cut 10% of jobs, or 8,000 employees, report says

Meta has announced plans to reduce its workforce by 10%, which equates to approximately 8,000 job cuts. This decision, reported by Bloomberg, comes alongside the company's decision to pause hiring for 6,000 open positions. An internal memo shared with employees on Thursday outlines that the layoffs are set to commence on May 20. This move follows earlier reports from Reuters regarding the company's significant downsizing efforts. Meta’s Chief People Officer, Janelle Gale, emphasized in the memo that these cuts are part of a broader initiative to enhance operational efficiency and support ongoing investments in other areas. Gale acknowledged the difficult nature of these decisions, expressing that they involve letting go of individuals who have made valuable contributions to the organization. The company has faced challenges in its ambitious metaverse projects, which have not yielded the expected results, and has shifted significant resources to bolster its AI capabilities. Recently, Meta introduced a revamped AI product named Muse Spark, aiming to compete effectively in the fast-evolving tech landscape.