Observed Signal · Feb 23, 2023 · Corporate Restructuring · Source: Trending Topics · Impact: 3/5 · Sentiment: Negative
Meta Plans Additional Thousands of Job Cuts
According to a Washington Post report, Meta is preparing to cut thousands more jobs as part of a broad restructuring. The Facebook parent already eliminated 11,000 positions in November. CEO Mark Zuckerberg has tasked HR, legal, finance and top management with flattening the corporate hierarchy, moving some managers into roles without direct reports, and scrapping projects. Zuckerberg declared 2023 the 'Year of Efficiency' after vowing in November that no further large-scale cuts were likely. The company is facing headwinds from inflation-driven ad budget cuts, Apple's privacy restrictions that limit targeted advertising, metaverse losses, and competition from TikTok. Meanwhile, Meta is launching a paid account verification subscription at $11.99 or $14.99 per month, starting in Australia and New Zealand, following a similar approach by Twitter. The layoffs are part of a wider tech-industry wave that has also hit Alphabet, Microsoft, and Amazon.
Meta, a dominant digital advertising platform, is planning thousands of additional layoffs as part of a 'Year of Efficiency' restructuring, reflecting broader ad-market contraction and the impact of Apple's privacy changes on targeted advertising. This affects the AdTech talent pool and Meta's ability to innovate in advertising.
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Key Takeaways & Evidence Grounding
- Meta plans additional layoffs of thousands of employees, according to the Washington Post.
- Meta cut 11,000 jobs in November 2022.
- CEO Mark Zuckerberg declared 2023 the 'Year of Efficiency' and wants to flatten management levels.
- Apple's app tracking restrictions and inflation have pressured Meta's advertising business.
- Meta is introducing a paid verification subscription costing $11.99 or $14.99 per month, starting in Australia and New Zealand.
Connected Companies & Entities
6 Entities mapped“Meta is preparing another round of layoffs, after 11,000 jobs were cut in November....”
“Apple introduced new privacy restrictions requiring apps to ask users for permission to track their online activity....”
“Alphabet announced 12,000 job cuts, about six percent of its workforce....”
“Microsoft recently announced it would cut 10,000 jobs....”
“Amazon plans to cut 18,000 jobs....”
“Competition from platforms like TikTok is hurting Meta....”
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Musician sentenced for AI streaming fraud
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