- The current round of layoffs will see the termination of about 50 executives.
- This shift is a component of a larger strategy to respond to changing market circumstances.
According to recent reports, Meta is planning to reduce the number of vice president roles in order to make significant cuts. The corporation is continuing its attempts to reduce expenses and simplify operations in the face of a hard-economic climate, and the current round of layoffs will see the termination of about 50 executives.
This move lays the groundwork for Meta’s upcoming leaner organizational structure, which will place an emphasis on efficiency and agility as the company strives for sustained development and new ideas. This shift is a component of a larger strategy to respond to changing market circumstances while maintaining the long-term viability and technological leadership of the organization.
Thousands of employees have lost their jobs at the firm, with 11,000 losing their jobs in November 2022 (13% of the workforce at the time) and 10,000 losing their jobs in March 2023. They also put a halt to recruiting for 5,000 unfilled positions.
Banking on AI and Metaverse
Meta is reorganizing to become a more robust tech business with an emphasis on artificial intelligence and the metaverse, according to Mark Zuckerberg. Management should be flattened, unnecessary projects should be eliminated, engineering ratios should be optimized, and new artificial intelligence tools and technologies should be significantly invested in.
The artificial intelligence (AI) and Reality Labs metaverse section of Meta will get $35–40 billion by 2024, an increase of $5 billion from its original projection. This enormous investment demonstrates Meta’s shift in strategy, as the company refocuses its efforts on developing innovative AI products and services to fuel its future expansion.
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