Meta (formerly Facebook) recently announced that it would lay off 10% of its workforce (approximately 8,000 people) worldwide. The company also announced that 7,000 employees will be moving to new AI-related positions.
As previously reported, “globe“More than 100 of Israel’s 1,000 Meta employees will lose their jobs. Plus.”globe‘ revealed that around 200 Meta-Israel employees, or 20% of Israel’s workforce, will be transferred to new jobs in the team responsible for AI development.
In addition, dozens of middle managers are expected to lose their management positions. The move is part of a streamlining initiative spearheaded by Meta CEO Mark Zuckerberg, aimed at cutting back on management layers that he claims are slowing down his team.
”bloombergreported that the company estimates that another round of layoffs is expected in the second half of this year. According to estimates received byglobe“Ahead of Meta’s annual Connect conference, a similar round of cuts representing about 10% of the company’s workforce is scheduled for August or September. Meta has already undertaken several significant cuts rounds, and Wall Street would have liked to see the company distance itself from its Metaverse vision and return to focusing on its core business, advertising, alongside investments in AI.”
The company is expected to invest more than $100 billion in capital investment this year, primarily in technology development such as AI and the Metaverse.
Mass layoffs have been looming over Meta employees for weeks. The company announced the layoffs in April, but many employees didn’t know until the last minute whether they would be affected.
Meta-Israel has not responded.
