Meta, the parent company of Facebook and Instagram, is reportedly set to lay off thousands of workers as early as this week. Late last year, the company also cut the jobs of 11,000 employees.
experts I spoke with say these job cuts are a result of the additional hiring that happened during the pandemic. People are not online like they were during then, so they’re making cuts to be more efficient.
A mass layoff is expected soon at Meta, which owns Facebook, Instagram, and WhatsApp. As inflation and the threat of a deep recession linger on, experts say the tech industry continues to make adjustments including using another technology to simplify tasks that employees would do in the past. Banafa says Silicon Valley is still in good shape and the unemployment rate for tech workers is at about 2%. He says now tech workers have transferrable skills that are needed at most companies. Other industry insiders say Meta, like other tech companies, is simply course-correcting after major growth.
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