Proving that Mark Zuckerberg’s ominous “year of efficiency” is more than a catchphrase, Facebook is reportedly planning more job cuts, following the 11,000 employees laid off late last year.
Bloomberg reports that tech giant Facebook (now known as Meta) is planning yet another round of layoffs. According to Bloomberg, the job cuts, which could affect thousands of workers, could be announced as early as this week.
Mark Zuckerberg introduces Meta (Facebook)
This comes on top of a 13 percent staff reduction in November 2022, when the business made its first significant layoffs by eliminating 11,000 jobs. Additionally, Facebook has been working to flatten its organizational structure by offering buyout packages to managers and eliminating unnecessary teams.
Separate from the flattening process, the most recent round of layoffs is reportedly motivated by financial goals. Due to a decline in advertising revenue, the company has shifted its attention to the metaverse, a virtual reality platform.
Facebook CEO Mark Zuckerberg declared 2023 to be the “year of efficiency,” and the business has been promoting this idea to staff members during performance reviews, which were finished last week.
According to sources, the company’s employees are experiencing anxiety and low morale due to impending job losses. Some employees are concerned that if they lose their jobs before they receive their bonuses, which are scheduled to be given out this month, they might not receive them at all.
Despite the job cuts, Mark Zuckerberg seems to still be obsessed with the metaverse. By acquiring businesses like Beat Games, the developer of the well-known virtual reality game Beat Saber, and Wave, a platform for virtual concerts, Facebook has been bolstering its presence in the metaverse. The business has also invested in other initiatives connected to the metaverse, like Horizon Workrooms, which enables remote teams to communicate virtually.
Although the metaverse is still developing, it is not yet clear how much money Facebook will be able to make from the platform. However, investors are placing their money on the project becoming a significant growth engine for the business in the coming years.
The metaverse is also drawing the attention of lawmakers concerned about how children will use the new platform.
As Breitbart News recently reported:
U.S. Representatives Ken Buck (R-CO) and David Cicilline (D-RI) today sent a letter to Facebook CEO Mark Zuckerberg inquiring whether it’s a good idea to allow users as young as 13 on its Horizon Worlds metaverse platform, arguing Facebook has harmed youth mental health in the past.
Both Congressmen are members of the powerful House Subcommittee on Antitrust, which has increasingly focused on the monopoly power of tech giants in recent years. Cicilline is currently the ranking member, having chaired the subcommittee in the previous congress.
Read more at Bloomberg here.
Lucas Nolan is a reporter for Breitbart News covering issues of free speech and online censorship. Follow him on Twitter @LucasNolan
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