Meta, the parent company of Facebook and Instagram, plans to lay off more than 10,000 employees in the coming months, CEO Mark Zuckerberg announced Tuesday.
The company expects to close another 5,000 open positions it had not been filled.
“This will be difficult and there is no way around it,” Zuckerberg wrote in a Facebook post. “It will mean saying goodbye to talented and passionate colleagues who have been a part of our success. They have dedicated themselves to our mission and I am personally grateful for all their efforts. We will support people the same way we have before and treat everyone with the gratitude they deserve.”
The moves are part of a restructuring plan that Zuckerberg says he hopes will make Meta a better technology company and “improve our financial performance in a challenging environment.”
“With fewer hires, I have made the difficult decision to further reduce the size of our recruiting team,” Zuckerberg wrote. “We will let the recruiting team know tomorrow if they are affected. We expect to announce restructuring and layoffs in our technology groups in late April and then in our business groups in late May. In a small number of cases, it may take until the end of the year to complete these changes.”