Meta mass layoffs: High-ranking officials from India among employees who were fired
By Team Newsable | First Published May 26, 2023, 12:30 PM ISTEarlier this year, Meta became the first Big Tech company to announce a second round of mass layoffs, after showing more than 11,000 employees the exit door. The cuts brought the company's headcount down to where it stood as of about mid-2021, following a hiring spree that doubled its workforce since 2020.
Facebook's Meta Platforms Inc on Wednesday (May 24) slashed jobs across its business and operations units as it carried out its last batch of a three-part round of layoffs, part of a plan announced in March to eliminate 10,000 roles. Dozens of employees working in teams such as marketing, site security, enterprise engineering, program management, content strategy and corporate communications took to LinkedIn to announce that they were laid off.
According to reports, the social media giant also cut employees from its units focused on privacy and integrity. Additionally, two high-ranking executives in India, Avinash Pant, the director of marketing, and Saket Jha Saurabh, the director and head of media partnerships, were also let go.
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Earlier this year, Meta became the first Big Tech company to announce a second round of mass layoffs, after showing more than 11,000 employees the exit door. The cuts brought the company's headcount down to where it stood as of about mid-2021, following a hiring spree that doubled its workforce since 2020.
The company's shares closed marginally up in a broadly weaker market. They have more than doubled in value this year and are among the top performers in the S&P 500 index, thanks to the cost-cutting drive and Meta's focus on artificial intelligence.
In March this year, Meta Chief Executive Mark Zuckerberg said the bulk of the layoffs in the company's second round would take place in three "moments" over several months, largely finishing in May. "Some smaller rounds could continue after that," he said.
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Overall the cuts have hit non-engineering roles most heavily, reinforcing the primacy of those who write the code at Meta. Zuckerberg has pledged to restructure business teams "substantially" and return to a "more optimal ratio of engineers to other roles."
About 4,000 employees lost their jobs in April, Zuckerberg said during the town hall, following a smaller hit to recruiting teams in March.
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