Meta eyes major job cuts again, first round from May 20 may hit 8,000 employees

Meta Platforms is gearing up for another wave of layoffs, with the first round set to commence on May 20. Reports suggest that the tech giant, which oversees Facebook and Instagram, may eliminate approximately 10% of its global workforce, translating to around 8,000 jobs. This initial reduction is just the beginning, as further layoffs are anticipated later in the year, although specific details regarding timing and numbers remain uncertain. Executives at Meta are expected to adjust their plans in response to advancements in artificial intelligence capabilities. CEO Mark Zuckerberg is heavily investing in AI, aiming to transform the company's operations through this technology. This strategic pivot aligns with a broader trend in the tech industry, where many firms are linking staff reductions to the pursuit of AI-driven efficiency. In recent months, other major tech companies have also announced significant cuts. Amazon has reduced its corporate workforce by roughly 30,000 employees, equating to nearly 10% of its white-collar staff. Similarly, fintech company Block cut nearly half of its workforce earlier this year, while Oracle laid off around 30,000 employees worldwide, with a substantial number affected in India. According to Layoffs.fyi, a total of 73,212 employees have lost their jobs globally in 2023, highlighting the extensive corrections currently impacting the tech sector. For Meta, this upcoming round of layoffs represents its most significant workforce cut since the “year of efficiency” in 2022-2023, during which the company eliminated about 21,000 positions amidst slowing growth and a post-pandemic transition.