One of the world’s most valuable companies, Meta Platforms, has announced a major step. In a memo released on Thursday, the company said it plans to cut about 10% of its workforce, which could affect around 8,000 employees. The report also stated that many positions at Meta may become vacant in the coming days, and the company does not plan to refill those roles.
Meta Platforms said that it is already spending heavily on artificial intelligence (AI) projects.
Meta Platforms said that the main reason behind the layoffs is the company’s rising expenses as it expands into other areas such as artificial intelligence (AI). The company plans to spend around $135 billion this year, which is nearly equal to its spending over the past three years combined.
Meta Platforms will start the layoffs from May 20.
A spokesperson for Meta Platforms explained the details about the layoffs but later declined to make any further comments.
Photo: @ Meta
Earlier this year, Mark Zuckerberg, the CEO of Meta Platforms, made some remarks that indicated the company might carry out layoffs this year.
Mark Zuckerberg said that when employees use AI tools, their productivity increases significantly. A single person can now handle a project that previously required an entire team. According to the Meta Platforms CEO, this shift is changing how projects are managed within the company.
According to a report by Reuters, Meta Platforms is planning to lay off around 10,000 employees this year. The information about the memo sent to employees on Thursday was first reported by Bloomberg.
So far this year, Meta Platforms has already laid off around 2,000 employees. However, these cuts happened in two smaller rounds of layoffs. Employees at the company were aware that Meta was planning a larger round of layoffs in the coming days.
Meta Platforms is now focusing more on spending to develop AI tools.
Meta Platforms has become increasingly focused on artificial intelligence (AI), and the company’s spending on this area has risen significantly.
This year so far, Amazon has laid off around 30,000 employees, while Oracle has cut about 10,000 jobs. Now, Meta Platforms is also planning to lay off around 8,000 employees. The rapid growth of AI is increasingly impacting jobs across the tech industry.
Major companies around the world are investing heavily in artificial intelligence (AI), which is changing the nature of work and reducing the need for employees in some areas.
