Meta made headlines after parent company Facebook announced it was laying off another 10,000 employees. This is the second round of job cuts at the company in four months.
In accordance with CNN BusinessCEO Mark Zuckerburg said the job cuts will happen “over the next few months.”
In a memo, Zuckerburg wrote: “We expect to announce restructuring and layoffs in our technical teams at the end of April and then in our business groups at the end of May.
It is assumed that the full cycle of layoffs will last until the end of 2023.
“At this point, I think we should prepare for the possibility that this new economic reality will persist for many years,” Zuckerberg added. “Higher interest rates make the economy run more economically, increased geopolitical instability leads to more volatility, and more regulation leads to slower growth and higher costs of innovation.”