Meta has initiated mass layoffs in various divisions, including Instagram, WhatsApp and Reality Labs, as part of company restructuring in a move that could affect hundreds of employees.
A spokesperson for the company confirmed that the changes are being made in line with Meta’s long-term strategy and better organization of teams across locations. The strategy includes moving some teams to other locations and assigning new roles to some employees. We will make every effort to provide alternative opportunities to those affected.
Among those most affected by Meta’s move is renowned app reverse engineer Jin Min Chun-Wong, who joined Meta’s Threads team in 2023. He announced on social media that his post has been terminated.
Meta did not disclose the exact number of layoffs, but the company has cut about 21,000 jobs since November 2022 to cut costs.
In March 2023, Meta Chief Executive Officer (CEO) Mark Zuckerberg emphasized the need for significant initiatives to make the organization faster and more efficient to meet the company’s priorities more quickly and effectively. He said that these changes will lead to more satisfying and meaningful work for the employees.
In another major development, Meta has fired more than two dozen employees in its Los Angeles office over alleged abuse of its $25 meal credit program. According to sources, these employees continuously misused the credit to buy unrelated items such as acne treatment pads, wine glasses and laundry detergent.
Moreover, some employees colluded by pooling their credits, while others ordered food at home, even though this facility was only for office staff.
The CEO of Meta has become one of the three richest people in the world, with his wealth increasing by $71.8 billion in 2023. According to Bloomberg’s Billionaire Index, Zuckerberg’s net worth has surpassed $200 billion, trailing behind only Elon Musk and Jeff Bezos.
Meta’s impressive performance, which hit the milestone of $134.9 billion in revenue and nearly four billion monthly active users in 2023, has led to this massive increase in Zuckerberg’s wealth. Meta’s stock price has also risen nearly 60 percent since January, pushing the company’s net worth to new highs.
Mark Zuckerberg has now surpassed the world’s top billionaires such as Larry Ellison, Bill Gates and Steve Ballmer, and this increase reflects Meta’s continued success and strong position in the global market.
