Meta Platforms, the parent company of Facebook, announced on Tuesday that it would eliminate 10,000 jobs, becoming the first major tech firm to do so as the sector braces for a severe economic downturn. On hearing the news, Meta stock jumped 6%. The much-anticipated job cuts are a part of a bigger restructuring that will also see the business cancel hiring plans for 5,000 openings, shelve less important initiatives, and flatten middle management layers. In spite of spending billions of dollars to create the cutting-edge metaverse, Meta has battled with a post-pandemic decline in advertising expenditures from businesses concerned about the future of the economy.

Key Points

• Meta Platforms, the parent company of Facebook, announced on Tuesday that it would eliminate 10,000 jobs, becoming the first major tech firm to do so as the sector braces for a severe economic downturn.

• On hearing the news, Meta stock jumped 6%.

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