Meta Platforms is set to layoff around 16,000 employees in the coming months with the first phase likely to begin on May 20, impacting around 8,000 workers, Reuters reported. The layoffs could become the company’s most significant restructuring exercise since its earlier. The development comes after Mark Zuckerberg’s company doubles down on Artificial Intelligence (AI) and reshapes its workforce for a more automated future.
Mark Zuckerberg has, over the past year, repeatedly emphasised the company’s ambition to become a leader in artificial intelligence, from generative tools to infrastructure that powers large-scale machine learning systems.
Last month, Reuters reported that the company was planning to lay off 20% or more of its global workforce. Further layoffs will come in the second half of the year.
According to Layoffs.fyi, a website tracking tech job cuts around the world, 73,212 employees have lost their jobs so far this year.
California-based Meta employed nearly 79,000 people as of December 31, according to its latest filing.
Earlier, Disney has announced that it will be laying off several employees across divisions. What initially appeared to be speculation has materialised into a significant workforce reduction, with up to 1,000 employees expected to lose their jobs.
The announcement was made directly by CEO Josh D’Amaro, marking one of the company’s most substantial internal shake-ups in recent years.
Among the hardest hit is Marvel Studios, where approximately 8 per cent of the workforce is reportedly being laid off.
Oracle, a US-based IT firm, has laid off approximately 30,000 employees with nearly 12,000 staff in India.
Oracle layoffs come with a strict condition: workers must complete the paperwork sent via DocuSign before receiving any severance benefits. In simple words: no signature, no payout. The company has yet to issue an official public statement addressing either the layoffs or the terms attached to severance.
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