According to media reports, social media company Meta Platforms plans to cut 5% of its total workforce this year by laying off staff based on performance and hiring new workers to replace them.
Bloomberg News reported that Meta CEO Mark Zuckerberg made the announcement in an internal memo to employees, saying he wanted to “raise the bar on performance management and weed out low-performing employees more quickly.”
Meta employs about 72,000 people, according to recent filings, so a 5% reduction in workforce would equate to 3,600 people, Bloomberg said Tuesday. The Menlo Park, California-based company owns Facebook, Instagram, WhatsApp and Threads.
The company declined to comment Wednesday but said Bloomberg’s information was accurate.
American workers who will be affected will be informed on February 10, while those in other countries will be informed later, Bloomberg said.
