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Meta Platforms Inc. is cutting around 5% of its workforce — approximately 3,600 jobs — through performance-based eliminations, a spokesperson for the Menlo Park tech giant confirmed on Tuesday.
According to an internal memo, obtained by Bloomberg News, CEO Mark Zuckerberg said, “I’ve decided to raise the bar on performance management and move out low performers faster. We typically manage out people who aren’t meeting expectations over the course of a year, but now we’re going to do more extensive performance-based cuts during this cycle.”
The job cuts are a component of Meta's comprehensive strategy for 2023, dubbed the "year of efficiency," which seeks to enhance operations while also bringing in new talent to fill roles by the conclusion of 2025. Zuckerberg further disclosed that Meta is targeting a 10% rate of “non-regrettable attrition” by the end of the current performance evaluation period, suggesting that additional reductions could be forthcoming.
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Zuckerberg described the upcoming year as "intense," emphasizing a commitment to progress in artificial intelligence, smart eyewear, and the evolution of social media.
In the course of its restructuring efforts, Meta plans to provide "generous severance packages" to employees who are impacted, with notifications for U.S. staff anticipated to be sent out by February 10.
This statement follows the company's confirmation just a week ago regarding the termination of its diversity, equity, and inclusion initiative, which was attributed to recent rulings by the U.S. Supreme Court that have impacted its course.
Meta has decided to shift away from its previous strategy of prioritizing a diverse range of candidates in hiring. Instead, the company will implement "fair and consistent practices" aimed at reducing bias for all employees, irrespective of their backgrounds.
In addition, Meta has scaled back its third-party fact-checking program and loosened policies on hate speech and abuse. Zuckerberg, who announced these changes last week, said the company is prioritizing “free expression.”
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In line with this transition, Meta is relocating its content moderation team from California to Texas and easing limitations on subjects like immigration and gender. For instance, the company now allows conversations that might have been considered harmful in the past, such as labeling gay individuals as mentally ill, provided they meet specific criteria.
Meta is also positioning itself to align with the upcoming Trump administration.
In December, the organization contributed $1 million to the inauguration fund of Trump, while Zuckerberg had dinner with the President-elect at his Mar-a-Lago resort. Recently, Zuckerberg also brought Trump supporter Dana White, the CEO of UFC, onto Meta's board.
Facebook continues to be the leading social media platform in the United States, with 68% of adults actively using it, while its popularity among teenagers has decreased to 32%. In 2016, Meta launched its fact-checking initiative to address concerns about "fake news" that arose during Trump's initial election campaign.
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