Meta cuts jobs across Instagram, WhatsApp, Reality Labs in new layoffs

Meta Platforms Inc. has initiated a fresh round of layoffs, impacting employees across various divisions, including Instagram, WhatsApp, and Reality Labs, according to a report by The Verge.

A company spokesperson confirmed the restructuring, stating that several teams are undergoing changes to align with Meta's long-term strategic and location goals.

"This includes moving some teams to different locations and moving some employees to different roles," the spokesperson said. "In situations like these, when a role is eliminated, we work hard to find other opportunities for impacted employees."

Notable app reverse engineer Jane Manchun Wong, who joined Meta's Threads team in 2023, announced on social media that her role had been eliminated.

Meta has not disclosed the exact number of layoffs. Since November 2022, the company has cut approximately 21,000 jobs to reduce costs.

In March 2023, CEO Mark Zuckerberg emphasized the need for a leaner organization to execute top priorities more quickly, leading to greater productivity and more fulfilling work for employees.

In a separate development, Meta has terminated approximately two dozen employees in its Los Angeles office due to the misuse of the company's $25 meal credit program.

Sources familiar with the matter revealed that the affected staff had consistently exploited the system over an extended period, purchasing non-food items such as acne treatment pads, wine glasses, and laundry detergent.

Additionally, some employees allegedly colluded to pool their credits, while others had meals delivered to their homes despite the program's intention to provide on-site meals.

Meta CEO's Net Worth Surges $71.8 Billion in 2023

Mark Zuckerberg, CEO of Meta, has become one of the world's top three wealthiest individuals, with a net worth exceeding $200 billion, according to Bloomberg's Billionaire Index.

Zuckerberg's fortune, largely derived from his 13% stake in Meta, trails only Elon Musk ($265 billion) and Jeff Bezos ($216 billion).

Meta's impressive performance, with $134.9 billion in 2023 revenue and nearly four billion monthly active users, has driven Zuckerberg's wealth surge.

Meta's stock price has jumped nearly 60% since January, reaching record highs of over $560 per share.
The company's valuation has sparked strong investor interest, with a forward price-to-earnings ratio of 24.

Zuckerberg's $71.8 billion net worth increase in 2023 has propelled him ahead of tech moguls Larry Ellison, Bill Gates, and Steve Ballmer.