The Chief Executive Officer (CEO) of the tech giant, Meta, Mark Zuckerberg, is ready to take a parental leave from work.
However, Mr Zuckerberg may take a very important decision just before he takes his leave.
Meta, the Facebook, and Instagram parent company could once again, lay off thousands of staff.
Less than four months ago, the tech giant laid off thousands of workers.
Bloomberg reports that Meta plans to lay off “thousands” of employees, and the first round of staff cuts could be finalised as early as this week.
Anonymous sources familiar with the matter, reveal that the CEO wants to finalise this before his leave.
There have been rumors of the proposed layoffs for a few weeks now, but it’s been just four months since Meta axed 11,000 workers which translates to 13% of its global staff.
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Mr Zuckerberg has said 2023 would be his company’s “year of efficiency” after the company suffered losses at its “metaverse”-focused Reality Labs division and saw a decline in its advertising empire.
The anonymous sources quoted by Bloomberg said this new round of cuts is being driven by declining advertising revenues while it refocuses, again, on its metaverse ambitions.
The company reportedly asked team directors and vice presidents across the company to make up a list of names for those who should get the cut.
Zuckerberg is expecting to go on parental leave in anticipation of the birth of his third child with his wife Priscilla Chan.
Tech Layoffs Post-Pandemic
Tech giants such as Google, Amazon, and Meta have been faced with severe losses over the last two years and have resorted to massive layoffs. People say it is post-COVID-19 impact that is trigging the job losses.
These companies are seeking ways to balance cost-cutting measures with the need to remain competitive after the pandemic.
It is “the most difficult changes we’ve made in Meta’s history,” Meta CEO Mark Zuckerberg said regarding the layoffs.
