Facebook parent company, Meta, begins new round of layoffs with tech employees

ISTANBUL

Facebook parent company, Meta, has begun a new round of layoffs with technology employees, according to reports Wednesday.

The layoffs are expected to effect Facebook, Instagram, WhatsApp, research unit Reality Labs, which is Meta’s VR development, and Quest -- the virtual reality headset developed by Reality Labs.

Co-founder and CEO Mark Zuckerberg announced last month that Meta will cut 10,000 jobs and close another 5,000 open positions that have not been filled as he dubbed 2023 the year of "efficiency" and said the cuts will serve to build "a leaner, more technical company."

Meta laid off more than 11,000 employees in November, cutting its workforce by 13%.

The company’s stock price was down 1% to $215.67 at 12.07 p.m. on the Nasdaq in New York, after closing at $217.89 on Tuesday.