Meta introduced today that it’ll lay off another 10,000 staff, following a November layoff of 11,000 staff. It may also wind down its NFT efforts.
“Over the following couple of months, org leaders will announce restructuring plans centered on flattening our orgs, canceling decrease priority tasks, and lowering our hiring charges,” Meta CEO wrote in a letter to staff. “My hope is to make these org modifications as soon as possible in the year so we are in a position to get past this period of uncertainty and concentrate on the critical work ahead.”
According to Zuckerberg, Meta will announce restructurings and layoffs in its tech teams in late April, and then its business teams in late May. And along with laying off 10,000 people, Meta will close about 5,000 open roles that haven’t but been employed.
After the restructuring is complete, Meta will lift hiring and switch freezes in every group and analyze how the previous year of hybrid work has impacted the agency. It nonetheless plans to “have a gradual stream of developer productivity enhancements and process enhancements throughout the year.”
Separately, Meta revealed that it was “winding down digital collectibles (NFTs) for now to focus on different methods to support creators, people, and companies.” It appears forward to “supporting the various NFT creators who proceed using Instagram and Facebook to amplify their work.” It will also continue to put cash into fintech (financial technology) instruments that it says people and companies will want for the future.