Meta Platforms Inc. has initiated another round of layoffs, affecting employees across key divisions like Instagram, WhatsApp, and Reality Labs, as part of an ongoing restructuring process aimed at aligning with long-term strategic goals. The company confirmed that teams are being relocated and some employees reassigned to different roles. However, in cases where roles are eliminated, efforts are made to find other opportunities for affected staff.
One notable individual impacted by the layoffs is app reverse engineer Jane Manchun Wong, who joined Meta’s Threads team in 2023. Meta has not disclosed the exact number of jobs cut, but this follows a series of layoffs since November 2022, which have eliminated approximately 21,000 jobs as part of cost-reduction efforts.
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Separately, Meta also terminated around two dozen employees from its Los Angeles office for abusing the company’s $25 meal credit program. The employees had reportedly used the credit for non-food items and engaged in collusion to misuse the benefit.
Despite these internal challenges, Meta CEO Mark Zuckerberg has seen his wealth surge in 2023. His net worth has increased by $71.8 billion, elevating him to one of the top three wealthiest individuals in the world, with a total net worth exceeding $200 billion. Meta’s stock price has soared by nearly 60% this year, fueled by strong financial performance and record user growth, further boosting investor confidence in the company’s future.
