Meta layoffs 2023: Facebook’s parent company plans to cut thousands of jobs

Meta Platforms Inc., the owner of Facebook and Instagram, is planning another round of layoffs and will cut thousands of employees as soon as this week, according to people familiar with the matter.

The world’s largest social networking company is eliminating several jobs, on top of one 13% reduction in November, in an effort to become a more efficient organization. In its previous round of cuts, Meta cut 11,000 workers in what was its first-ever major layoff. The company has also worked to flatten its organization, giving buyout packages to executives and cutting entire teams it deems nonessential, Bloomberg News reported in February, a move that is still being finalized and could affect thousands of employees.