Meta Cuts 10,000 Jobs and Refocus on Core Projects

In a bid to boost efficiency in 2023, Meta Platforms, Inc., the parent company of Facebook (FB) and Instagram (IG), is set to cut 10,000 more jobs, as confirmed by co-founder and CEO Mark Zuckerberg.

Job Cuts and Cancelled Projects

In addition to the employee reduction, Meta is also dropping 5,000 recently opened job positions and cancelling lower-priority projects. Zuckerberg acknowledged underestimating the indirect costs of these initiatives.

Support for Impacted Employees

Despite the difficulties, Meta said it is committed to supporting affected employees and treating them with gratitude. In a blog post, Zuckerberg expressed his appreciation for their dedication and contribution to the company’s mission.

Meta’s Cost-Reduction Measures

Meta’s report to the U.S. SEC revealed that its estimated full-year expenses for 2023 are between $86 billion and $92 billion, a reduction from the previous estimation of up to $95 billion. These cost-cutting measures are part of the company’s ongoing restructuring process.

Prior Staff Reductions and Meta’s Long-Term Vision

This is not the first time Meta has implemented staff reductions. In 2022, the company cut 11,000 job positions. At its peak last year, Meta had 87,000 full-time employees. Zuckerberg believes that these changes will contribute to a leaner, more technical company and improve business performance to enable their long-term vision.

Winding Down NFT Efforts on FB and IG

In other news, Meta is winding down its non-fungible token efforts on Facebook and Instagram to concentrate on other ways to support creators, individuals, and businesses.

Meta’s Journey to the Metaverse

It’s worth noting that Meta rebranded from Facebook in 2021, aligning with its goal to create its own metaverse. The company’s first foray into the web3 industry was in 2020 with the cryptocurrency initiative Libra, but after facing challenges, Meta sold the intellectual property and other assets of Diem Payment Network (formerly Libra) to Silvergate Capital Corporation.

Introducing Meta Verified

Lastly, the company is testing Meta Verified, a paid feature resembling Twitter’s blue check, allowing users to pay for a verified account at $12 for a web subscription or $15 for iOS.

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