---
title: "Meta Plans Thousands More Layoffs as Soon as This Week"
description: "Meta Platforms Inc., the owner of Facebook and Instagram, is planning a fresh round of layoffs and will cut thousands of employees as soon as this week, according to people familiar with the matter."
type: "NewsArticle"
publisher: "Daily Maverick"
site: "https://www.dailymaverick.co.za"
section: "Business Maverick"
author: "Bloomberg"
author_url: "https://www.dailymaverick.co.za/author/bloomberg/"
canonical_url: "https://www.dailymaverick.co.za/article/2023-03-07-meta-plans-thousands-more-layoffs-as-soon-as-this-week/"
published: "2023-03-07T16:59:35"
lang: "en-ZA"
word_count: 404
---

# Meta Plans Thousands More Layoffs as Soon as This Week

> Meta Platforms Inc., the owner of Facebook and Instagram, is planning a fresh round of layoffs and will cut thousands of employees as soon as this week, according to people familiar with the matter.

By Bloomberg · Published 7 March 2023, 18:59 SAST

## Key points
- Meta, the world's largest social networking company and owner of Facebook and Instagram, is in the process of making further cuts to its workforce. This follows a 13% reduction made in November, as well as efforts to flatten the organization and give buyouts to managers. The new cuts are being driven by financial targets, with directors and vice presidents tasked with creating lists of employees that can be let go. Shares rose 2.3% on Tuesday morning, while Meta has also launched a subscription service for content creators called Meta Verified. These layoffs could be finalized in the next week, potentially before CEO Mark Zuckerberg goes on parental leave for his third child.
- Meta, the world's largest social networking company, is eliminating more jobs in a bid to become more efficient.
- In November, the company cut 11,000 workers in its first-ever major layoff and has been giving buyout packages to managers and cutting whole teams it deems nonessential.
- Shares gained 2.3% on Tuesday as trading got underway in New York and have risen 54% since the start of the year.
- Meta is launching a subscription service called Meta Verified that will cost $11.99 per month primarily targeted towards content creators.

## Content

The world’s largest social networking company is eliminating more jobs, on top of a [13%](https://www.bloomberg.com/news/articles/2022-11-09/meta-begins-slashing-11-000-jobs-across-company-zuckerberg-says) reduction in November, in a bid to become a more efficient organization. In its earlier round of cuts, Meta slashed 11,000 workers in what was its first-ever major layoff. The company has also been working to flatten its organization, giving buyout packages to managers and cutting whole teams it deems nonessential, Bloomberg News [reported](https://www.bloomberg.com/news/articles/2023-02-07/meta-to-ask-many-managers-to-become-individual-contributors-or-leave) in February, a move that is still being finalized and could affect thousands of staffers.

Shares gained 2.3% to $189.21 as trading got underway in New York on Tuesday. The stock has risen 54% since the start of the year as of Monday’s close.

The imminent round of cuts is being driven by financial targets and is separate from the “flattening,” said the people, who asked not to be identified discussing internal matters. Meta, which has seen a slowdown in advertising revenue and has shifted focus to a virtual-reality platform called the metaverse, has been asking directors and vice presidents to make lists of employees that can be let go, the people said.

A Meta spokesperson declined to comment on the plans on Monday.

This phase of layoffs could be finalized in the next week, according to the people. Those working on the plan are hoping to have it ready before Chief Executive Officer Mark Zuckerberg goes on parental leave for his third child, which may be imminent, one person said.

The November cuts were a surprise, but another round of firings has been widely anticipated by the Meta workforce. Zuckerberg has dubbed 2023 Meta’s “year of efficiency,” and the company has been communicating that theme to employees during performance reviews, which were completed last week, the people said.

Workers at the Menlo Park, California-based company described heightened anxiety and low morale among colleagues lately. Some employees expressed worry about whether they’d receive their bonuses, which are set to be distributed this month, if they lose their jobs beforehand, the people said.

Read more: [Meta Spurred by Lackluster Demand to Cut Price of VR Headset](https://www.bloomberg.com/news/articles/2023-03-03/meta-s-price-cuts-to-virtual-reality-headset-follow-weak-demand)

In February, Meta [said](https://www.bloomberg.com/news/articles/2023-02-19/meta-m-launches-subscription-service-for-facebook-and-instagram) it was launching a subscription service called Meta Verified that will include a handful of additional perks and features, including Facebook and Instagram account verification badges for those who pay. It will cost $11.99 per month — $14.99 if purchased through the iOS app — and is primarily targeted toward content creators.

(Updates with opening shares)