Meta now plans to push some leaders into lower-level roles without direct reports, flattening the layers of management between CEO Mark Zuckerberg and the company's interns.
Facebook-parent Meta Platforms Inc is planning a fresh round of job cuts in a reorganization and downsizing effort that could affect thousands of workers, the Washington Post reported on Wednesday, February 22.– as it grappled with soaring costs and a weak advertising market.
Meta declined a Reuters request for comment, but spokesperson Andy Stone in a series of tweets cited several previous statements by Zuckerberg suggesting that more cuts were on the way. Last year’s layoffs were the first in Meta’s 18-year history. Other tech companies have cut thousands of jobs, including Google parent Alphabet, Microsoft, and Snap.
Meta, once worth more than $1 trillion, is now valued at $446 billion. Meta shares were down about 0.5% on Wednesday.
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