Zuckerberg To Finalize Another Massive Layoff Round At Meta This Week: Report - Meta Platforms (NASDAQ:META)

Meta Platforms Inc META is reportedly planning to terminate thousands more as early as this week.

What Happened: The Mark Zuckerberg-led company is eliminating jobs based on financial targets and separately from its efforts to flatten the organization, reported Bloomberg, citing people familiar with the matter.

The layoffs could be finalized in the next week and those working on the plan are hoping to present it to Zuckerberg before he goes on parental leave for his third child, which could be soon, a source told Bloomberg.

See Also: How To Buy Meta (Formerly Facebook) Shares

Workers at Meta are reportedly gripped with anxiety and are suffering from low morale and some have expressed concerns about whether they’d receive their bonuses, should they be let go. The bonuses are set to be disbursed this month.

Meta did not immediately respond to Benzinga’s request for comment on the development.

Why It Matters: In November, the Facebook and Instagram parent laid off 11,000 employees, or 13% of its workforce, and took measures to restructure itself.

Zuckerberg has labeled 2023 as the “Year of Efficiency” and said Meta is focused on becoming a stronger and more nimble organization, according to a company statement.

The top Meta executive said he’s not in favor of having layers of management in the company, an indication that he may be considering a reduction in middle managers.

Price Action: On Monday, Meta shares rose 0.7% to $186.16 in after-hours trading after closing 0.2% lower at $184.90 in the regular session, according to data from Benzinga Pro.

Read Next: Mark Zuckerberg’s Security Allowance Just Went Up 40% Amid Meta’s Massive Job Cuts

Image and article originally from www.benzinga.com. Read the original article here.