Meta Déjà Vu

Meta Déjà Vu

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  • Meta (META) will let go of 10,000 more employees and face restructuring costs between $3 billion and $5 billion, the company said Tuesday, with CEO Mark Zuckerberg noting the potential for economic instability to last for "many years". In a SEC filing, Meta also forecast lower overall expenses in 2023, ranging from $86 billion to $92 billion.
  • Mark Zuckerberg declared 2023 to be Facebook's year of efficiency, with the company looking to become "leaner and more agile." To brace for potential long-term impacts of the economy, he also announced plans to close 5,000 vacant posts. Becoming more efficient and prepared for what the future holds – that's the goal for the Facebook parent company.

Why it matters

It appears that Meta is tightening its belt and preparing for a long, rocky journey. After previously cutting 11,000 staff in November, representing around 13% of the workforce, the company is now trimming staff and costs further.


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