Meta’s Metaverse Layoffs Continue: Thousands of Employees Affected

MetaversePlanet March 8, 2023Last Updated: August 14, 2024

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Meta is reportedly preparing for new layoffs, with plans to cut thousands of jobs this week, as per sources close to the situation.

Metaverse projects stand at the forefront of technological innovation, captivating imaginations with the prospect of a virtual world where people can interact and lead digital lives.

This concept, while rooted in science fiction literature and films, has evolved significantly with technological advancements, leading to the creation of immersive metaverse experiences that merge virtual and physical realities.

Meta, formerly known as Facebook, is among the leading advocates for the Metaverse. The company has redirected its focus towards the development of virtual and augmented reality technologies, considering them crucial to the Metaverse’s future.

Meta has introduced several products in this domain, including the Oculus VR headset and Horizon Workrooms, a platform designed for virtual collaboration.

Nevertheless, the broader economic challenges of global inflation and recession concerns have not spared even the largest corporations. Meta finds itself among those companies compelled to implement layoffs in response to these economic pressures.

Focusing on the Metaverse, Meta will continue to cut headcount

Meta's Metaverse Layoffs Continue: Thousands of Employees Affected — Meta’s Metaverse Layoffs Continue: Thousands of Employees Affected

Meta, the parent company of Facebook and Instagram, is reportedly preparing for a new round of layoffs, with plans to dismiss thousands of employees within the week, sources close to the matter have revealed.

As one of the leading technology firms globally, Meta is continuing its efforts to streamline its operations and improve efficiency, following a 13% reduction in its workforce in November.

This move comes after Meta’s initial major reduction, where 11,000 employees were laid off. The company is also focusing on restructuring its organizational framework, as reported by Bloomberg in February.