The Final Round: Meta Begins Layoffs of Thousands of Employees

Meta Platforms started today, Wednesday, to implement the final part of its layoff round, which consists of three parts as part of a plan announced in March to cut ten thousand employees. Some employees turned to platforms like LinkedIn to announce their layoffs in a round that was expected to significantly reduce teams in advertising sales, marketing, and partnerships. Meta's shares fell by 0.4 percent in pre-market trading. CEO Mark Zuckerberg stated in March that "the bulk of the layoffs in the company's second round will take place in three phases over several months, largely concluding in May," explaining that some smaller rounds could continue thereafter. Overall, the cuts significantly affected non-engineering roles. The layoffs at Meta came after months of declining revenue growth amid rising inflation and a drop in digital advertising compared to what it was during the e-commerce boom during the COVID-19 pandemic.