Meta to cut 8,000 jobs in major bloodbath next month: report

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Meta to Lay Off 10% of Workforce in Companywide Bloodbath

Mark Zuckerberg’s Meta is reportedly planning to lay off 10% of its workforce in a companywide bloodbath next month, with additional cuts expected later in the year, according to a report by Reuters.

The initial round of layoffs, set for May 20, will see nearly 8,000 employees at the Instagram parent company being let go. More layoffs are anticipated in the second half of the year, although the extent and timing of these cuts are yet to be determined by Meta executives.

Sources suggest that Meta’s plans could be adjusted based on the company’s artificial intelligence capabilities.

Meta CEO Mark Zuckerberg leaves after testifying in a landmark trial. AP

The layoffs come as Meta shifts its focus towards the development of AI, with the company allocating $135 billion in capital spending for this purpose this year alone. This move is seen as an effort to keep pace with competitors like Anthropic and OpenAI.

Last month, Reuters reported that Meta was planning to cut over 20% of its workforce this year, potentially affecting around 15,000 employees. This would mark Meta’s most significant job cuts since Zuckerberg implemented a “year of efficiency” push that saw over 20,000 job cuts in late 2022 and early 2023.

A spokesperson for Meta previously dismissed the initial Reuters report as a “speculative report about theoretical approaches.”

The company’s stock rose nearly 2% in Friday trading, despite the looming layoffs.

According to company filings, Meta had close to 79,000 employees globally as of December 31.

Meta is reportedly plotting multiple rounds of cuts this year. creativeneko – stock.adobe.com

Zuckerberg is integrating AI tools into various aspects of Meta’s business, including developing a “photorealistic” 3D clone of himself to interact with employees.

The layoffs at Meta are part of the broader trend of AI-related restructuring in the tech industry. Instagram rival Snap recently cut about 1,000 jobs, citing AI as a way to increase efficiency and support its community.

Financial tech firm Block also announced plans to cut 40% of its workforce while embracing AI tools for future operations.

Amazon made significant job cuts last fall while leveraging AI technology to enhance productivity.