Meta (META) is reportedly planning to initiate widespread layoffs that could impact 20% or more of the company’s workforce as the Facebook owner seeks to offset its costly bets on artificial intelligence and prepare for improved efficiency gains driven by AI-assisted employees.
According to a Reuters report based on three sources familiar with the matter, the company has yet to fix a date for the layoffs, and the extent of the job cuts has not yet been finalized.
Two of the people said that Meta’s (META) top executives have recently communicated the plans during discussions with other senior leaders and told them to start planning how to proceed with the layoffs.
Responding to questions about the plans, Andy Stone, a company spokesperson, told Reuters, “This is speculative reporting about theoretical approaches.” Meta (META) employed approximately 79,000 workers as of Dec. 31, according to its latest 10-K filing.
If finalized, the 20% number will represent Meta’s (META) biggest round of job cuts since a restructuring program that eliminated more than 20,000 jobs at the company in late 2022 and early 2023 following a hiring spree that had doubled its employee count from 2020.