""We're doing this as part of our continued effort to run the company more efficiently and to allow us to offset the other investments we're making," chief people officer Janelle Gale told employees, according to the memo."
"Meta spent tens of billions on its metaverse efforts, which largely failed. The company has also had to make major investments in its AI efforts in order to keep up with competitors in the space."
Meta is set to reduce its workforce by 10%, equating to 8,000 employees, and will halt hiring for 6,000 open positions. The layoffs will commence on May 20, as stated in an internal memo. Chief people officer Janelle Gale emphasized the need for efficiency and the difficult nature of these decisions. Meta's significant investments in the metaverse have not yielded expected results, prompting the need for these cuts while also investing in AI advancements, including the new AI product Muse Spark.
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