Meta to start 'new round' of firing employees

Meta has faced immense competition from TikTok as the company's growth has been slowed over the last several months

By
Web Desk
The logo of Meta is seen in Davos, Switzerland. — Reuters/File
The logo of Meta is seen in Davos, Switzerland. — Reuters/File

The parent company of widely used social media platforms — Facebook, Instagram, and WhatsApp — Meta is eyeing to initiate a new drive of firing employees this Wednesday after firing 11,000 people in November last year, according to the report published by Daily Mail.

The employees which are likely to be the target of the firing campaign are from the communications and marketing teams.

The development comes as the removal of people from the top cadres can be seen when vice president Americas Nada Stirratt left the post on Monday.

Marne Levine also resigned from the post of Chief Business Officer (CBO) last month but would stay until the summer.

Her decision of stepping down as CBO sent shock waves through the company as she had been in leadership roles over her career spanning 13 years in Meta.

Meta has faced immense competition from TikTok as the company's growth has been slowed over the last several months and the budgets withdrawn by advertisers.

The advertisers have refrained from opting for Meta as Facebook has witnessed a significant drop in users in its lifetime last year due to the tough time from its competitors.

Mark Zuckerberg, CEO, founder and Chairman of Meta regarded this year as "a year of efficiency" as the company is trying to mitigate its costs including a pull-back from the NFT offering.

Some of Meta's innovations have proved to be less successful however, its other innovations have caused an 18% uptick in its stock market shares.

Zuckerberg in a statement issued in November last year had announced laying off 13% of the firm's staff, which is a staggering 11,000 people. 

Taking responsibility CEO Meta had taken the responsibility for things not going well in the company saying that he "got this wrong".

Apologising to the axed employees, he had said that the layoffs were the "last resort" to save the company. He had also said that most of the recruiting team had been fired as the company was freezing the hiring process.