Meta, a big social media company, is getting rid of some people in their workforce. This means they will be letting go of 10,000 employees over the next year. Mark Zuckerberg, Meta’s CEO (the highest boss), said that Artificial Intelligence (AI) is where they are investing the most money — even more than something called the “metverse”.
Meta Implements Plan of Efficiency Amid Economic Hardship
Meta, the owner of popular social media websites such as Facebook, Instagram, and Whatsapp, has announced a new plan called “year of efficiency”. In a Facebook post, the Meta CEO Mark Zuckerberg revealed that 10,000 people will no longer have their jobs by 2023 and additionally 5,000 positions will remain unfilled.
Mark Zuckerberg said that the layoffs were due to changes in the US economy and around the world. He says this change is causing higher interest rates, more uncertainty, and extra regulations that make it harder for businesses to make money and grow. So, we have to use less people and make sure our business runs better if we want everyone to be successful.
Mark Zuckerberg mentioned that Facebook is now figuring out a way to spend money on future projects, and still have enough left over for now.
Early this year, there were rumors that Meta was planning to fire a bunch of people because their budgets weren’t finished yet. Then in November 2018, Meta cut 13% of its staff and said it was due to bad economic conditions.
Mark Zuckerberg Announces Major Investment in AI – Find Out What Else He Had to Say!
Mark Zuckerberg mentioned the Metaverse in his blog post as a key technology because it gives people a really realistic feeling of being together. At the same time, he also told how Meta is putting money into other new areas too. In order to explain what’s happening inside the company, Mark said something else that was important.
Mark Zuckerberg, the CEO of Meta, has said that they plan to invest a lot in Artificial Intelligence (AI) and incorporate it into all of their products. He believes these new experiences will be really cool. Are you curious about the latest news on layoffs announced by Mark? Let us know what you think in the comments section!