Tech
Meta to lay off 10% of workforce
Meta to axe 10% of workforce as it intensifies focus on artificial intelligence investments
Meta to axe 10% of workforce as it intensifies focus on artificial intelligence investments
– Meta will lay off 10% of its workforce, about 8,000 employees, to prioritise AI investments.
– Layoffs begin on May 20, with plans to abandon hiring for 6,000 positions.
Meta will lay off 10% of its workforce, around 8,000 employees, as it focuses on investments in artificial intelligence.The cuts will start on May 20, with plans to hire for 6,000 open roles being abandoned according to a memo to employees.
Job cuts announced
These layoffs follow earlier reductions intended to enhance efficiency and address competition in generative AI.
Reports indicate that about 10% of employees focused on metaverse projects were let go earlier this year.
Another layoff round in March impacted various units including Facebook and Reality Labs.
Meta plans to move away from third-party vendor content moderation, relying instead on AI technologies.
Job cuts in the tech sector are increasing as companies adapt to the AI boom.
Microsoft announced it will offer voluntary buyouts to some U.S. employees, marking its first such initiative.
In January, Amazon confirmed plans to cut about 16,000 corporate jobs, its second mass layoff since last October.
Mark Zuckerberg
Meta’s global workforce decreased from 86,482 employees in late 2022 to 78,865 as of Dec. 31.
Meta CEO Mark Zuckerberg aims to strengthen the company’s position in AI.
The company has recently introduced its first major AI model after hiring Scale AI’s Alexandr Wang.
This week, Meta disclosed a new employee tracking tool named Model Capability Initiative to collect work-related data.
Meta is set to announce first-quarter earnings on Wednesday, alongside Alphabet, Amazon, and Microsoft.
Meta shares fell 2.4% on Thursday and are now nearly unchanged for the year.
