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Meta Plans Thousands More Layoffs as Soon as This Week

  • Second round of cuts in four months driven by efficiency push
  • Social networking giant may finalize plans in the next week
Bloomberg business news
WATCH: Meta Platforms Inc. is planning more job cuts, according to people familiar with the matter. Su Keenan reports.Source: Bloomberg
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Meta Platforms Inc., the owner of Facebook and Instagram, is planning a fresh 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 more jobs, on top of a 13% reduction in November, in a bid to become a more efficient organization. In its earlier round of cuts, Meta slashed 11,000 workers in what was its first-ever major layoff. The company has also been working to flatten its organization, giving buyout packages to managers and cutting whole teams it deems nonessential, Bloomberg News reported in February, a move that is still being finalized and could affect thousands of staffers.