Mark Zuckerberg's ax hits Meta again.
After the 11,000 cuts in recent months, equal to 13% of the total, the CEO is preparing to announce a new reduction of thousands of jobs with the aim of becoming more efficient.
The rumors of the Bloomberg agency on the new cuts expected during the week push Meta shares to Wall Street where, in a negative session for American stock exchanges, they gain 3%.
The new cut to the workforce is linked to the financial targets that Meta has set itself and should precede Zuckerberg's parental leave, expected shortly for the birth of the third child.
The cuts are part of the road outlined by Zuckerberg himself for his company.
On the occasion of the quarterly results, the CEO defined 2023 as the "Year of Efficiency" with Meta focused on eliminating projects that are not performing well or are no longer crucial, as well as becoming leaner and more agile in decisions by removing different levels of middle managers.
If the November cuts were a cold shower for Facebook employees, the new cut was expected given the difficult context in which Meta finds itself operating between a leap in expenses, a drop in sales and the persistent slowdown in advertising sales.
However, Meta is not the only one in Silicon Valley to downsize.
Many Big Techs have cut jobs and are reviewing their investments, from Google to Twitter.
The latest in chronological order was Amazon: the online sales giant temporarily suspended the construction of its headquarters in Virginia, which it had announced in 2017, sparking a race among the major American cities to win the ambitious project, the investments and the promised thousands of jobs.