Meta employees are bracing for another round of layoffs. In a recording of a company meeting obtained by Vox, Meta president of global affairs Nick Clegg told employees that a “third wave is going to happen next week.”
After laying off 11,000 employees last November, Meta later announced job cuts affecting an additional 10,000 workers by the end of May. Meta started by cutting workers in recruiting roles in March and slashed an additional 4,000 jobs in its technology department in April. This latest round of layoffs is expected to affect workers in business-focused positions.
“It’s just a time of great anxiety and uncertainty,” Clegg says in the meeting recording obtained by Vox. “I wish I could have some easy way of providing solace or comfort. It is uncertain. And actually it’s really increased my admiration for the way that everyone — notwithstanding that uncertainty — you’re just displaying such resilience and professionalism.”
The downsizing comes as part of Meta’s “year of efficiency,” a term CEO Mark Zuckerberg used to describe the “phase of change” the company is going through as it contends with declining revenue and an uncertain economy. Despite the company’s financial struggles, it’s still pushing ahead with its metaverse ambitions and is even building its own chip to run AI models.