The additional layoffs come after the company announced 11,000 layoffs in November.
Meta CEO Mark Zuckerberg recently announced that 10,000 additional layoffs are expected in the company due to the current economic climate and higher interest rates.
He warned that the tech sector could face similar economic struggles for many years.
The company plans to reduce its open positions, close low-priority projects, and cut multiple layers of management.
News of an additional 10,000 Meta layoffs came with a warning from CEO Mark Zuckerberg about the state of the United States economy.
Large tech companies including Meta, Amazon and Cisco have suffered from the volatile economy, leading to tens of thousands of layoffs, with more in the tech sector expected to come. Instead of temporary discomfort, Zuckerberg predicted that the sector will struggle with the economy for «many years.»
In a Year of Efficiency report sent to Meta employees on Tuesday, Zuckerberg blamed higher interest rates as the reason behind staff cuts, which are expected to trim the company by as many as 10,000 more employees, nearly doubling the 11,000 layoffs that took place last fall.
