Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
Meta Platforms Inc. (NASDAQ:META) has confirmed layoffs across multiple teams, including Instagram, WhatsApp, and Reality Labs.
What Happened: Meta has confirmed that several teams within the company were impacted by layoffs on Wednesday, reported TechCrunch.
The company stated that these changes were part of a strategic reallocation of resources to align with their long-term goals.
Don’t Miss:
Among those affected was Jane Manchun Wong, a software engineer who joined the Threads team in 2023.
Still trying to process this but my role at Meta has been impacted. Thank you to everyone for my wild journey at Meta
If anyone is interested in working together on software/security, please reach out via my email / LinkedIn noted on my website
🫡
— Jane Manchun Wong (@wongmjane) October 16, 2024
Other former Meta employees also announced their layoffs on social media, including those who previously worked on Facebook, recruiting, legal operations, and design.
A Meta spokesperson told the report that Threads, recruiting, and legal operations were not impacted by the reorganization, but the company has not disclosed the exact number of employees affected and their respective departments.
Meta did not immediately respond to Benzinga’s request for comments.
Trending: This billion-dollar fund has invested in the next big real estate boom, here’s how you can join for $10.
This is a paid advertisement. Carefully consider the investment objectives, risks, charges and expenses of the Fundrise Flagship Fund before investing. This and other information can be found in the Fund’s prospectus. Read them carefully before investing.
Why It Matters: This is not the first time Meta has made significant layoffs. In 2022, the company laid off roughly 13% of its workforce, and last year, another 10,000 employees were let go, with 5,000 open roles withdrawn.
These layoffs are part of Meta’s ongoing “Year of Efficiency,” which was initially a temporary measure but has now become a permanent part of the company’s operations.
Meta CEO Mark Zuckerberg has been focusing on more efficient operational models, leading to significant changes within the company.
“It was really tough, we parted with a lot of talented people we cared about,” Zuckerberg said about Meta’s past layoffs in February. “But in some ways actually becoming leaner kind of makes the company more effective.”
These latest round of layoffs come at a time when Meta is facing lawsuits filed by U.S. states over allegations of contributing to mental health issues among teenagers by making its platforms addictive.
Wondering if your investments can get you to a $5,000,000 nest egg? Speak to a financial advisor today. SmartAsset’s free tool matches you up with up to three vetted financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you.
Keep Reading:
This article Meta Confirms Layoffs Across Instagram, WhatsApp And Reality Labs Amid Strategic Reshuffle originally appeared on Benzinga.com
