Bloomberg News
@Bloomberg-News·2.8M subscribers·40.1K videos
Meta Plans Thousands More Layoffs as Soon as This Week
Posted
March 7, 2023
Views
3,781
Likes
63
Comments
5
Engagement
1.80%
March 7, 2023
3,781
63
5
1.80%
Every word spoken in this episode is indexed. Type any phrase to jump straight to the moment it was said.
Type any word or phrase that may have been spoken. Click a result to seek the player to that exact moment.
Try a name, a topic, or a quoted line
0:46Now PlayingMeta 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.
The world’s largest social networking company is eliminating more jobs, on top of a 13% 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 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.
--------
Subscribe to our YouTube channel
Subscribe to Bloomberg Originals
Bloomberg Quicktake brings you global social video spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
Connect with us on…
Breaking News on YouTube
Sentinel Indexing in Progress
Metadata and chapters are available. Claim extraction for this episode is pending.
All video content is delivered via YouTube embedded players in accordance with the YouTube Terms of Service. Sentinel provides research tools that promote discovery and accountability across political media.
