Canox HK - Meta begins the process of laying off thousands of their IT workers

Meta Platforms Inc. (META), the parent company of Facebook, started laying off more employees on Wednesday, as the company proceeds forward in what CEO Mark Zuckerberg has termed a "year of efficiency." The news caused META shares to decline.
 
SHEUNG WAN, Hong Kong - May 25, 2023 - PRLog -- CNBC reported that as part of its current round of job cuts announced in March, Meta began firing off employees in technical roles. According to the report, these reorganizations and redundancies will continue into May. According to a report by Vox, Zuckerberg stated he is reducing the size of the recruiting team due to a decrease in overall hiring.

As previously announced in November and March, the reductions are part of an extensive cost-cutting initiative that will ultimately eliminate over 21,000 positions.

Today's market closing price for META stock was $215.70, a decline of 1%.

According to Zuckerberg, Meta is consolidating its organization, terminating low-priority initiatives and reducing hiring. Those affected by the layoffs include employees of Facebook, Instagram, Reality Labs, and WhatsApp.

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