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Barchart
Barchart
Ruchi Gupta

10% Layoffs Won’t Be the End as Zuckerberg Says AI Will Drive More Job Cuts Later This Year

Headquartered in Menlo Park, California, Meta Platforms (META) is the world’s leading social technology company, managing a family of apps that connects more than 3.5 billion monthly active users. Founded in 2004 as Facebook, the company has evolved into a diversified digital conglomerate encompassing Facebook, Instagram, WhatsApp, Messenger, and Threads. Under its Reality Labs and Superintelligence divisions, Meta is also a primary architect of the metaverse and a dominant force in generative AI.

CEO Mark Zuckerberg recently confirmed that the company will be conducting layoffs this month, cutting the workforce by 10% starting on May 20, with more job cuts expected later this year. Let's take a closer look.

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