Meta axes 8,000 jobs as Zuckerberg doubles down on AI – and the white-collar bloodbath gathers pace
Meta has confirmed it will slash roughly one in 10 jobs – around 8,000 roles – as Mark Zuckerberg plows billions into artificial intelligence in a bid to reshape his company around the fast-moving technology.
The cuts, first reported earlier this month, were confirmed by the company on Thursday.
Meta will initiate the job cuts on May 20, and is discarding all plans to hire people to fill 6,000 roles that are currently open, according to a memo sent to employees, reported on by Bloomberg.
Meta shares are down about 2.4 percent in midday trading to $658.40.
It marks one of the biggest shake-ups at Meta Platforms since its brutal ‘year of efficiency’ drive in 2022 and 2023, when the tech giant cut 21,000 jobs.
Mark Zuckerberg is plowing billions into artificial intelligence to reshape the tech giant
Meta has confirmed it will slash roughly one in ten jobs – around 8,000 roles
Back then it was losing money. Now Meta is making huge profits – more than $60 billion last year – and pulling in over $200 billion in revenue. But instead of hiring, it is shrinking.
Zuckerberg is pouring hundreds of billions into building out artificial intelligence systems.
