In its latest round of layoffs, Meta Platforms Inc is planning to cut thousands more jobs as soon as this week, as per reports

In an effort to streamline its operations, the largest social networking firm in the world is axing more positions in addition to the 13% reduction in November. In its previous wave of layoffs, Meta eliminated 11,000 employees, marking its first-ever significant mass dismissal.

Meta has also been working to flatten its organization, giving buyout packages to managers and laying of whole teams it deems nonessential, Bloomberg reported in February, a move that is still being finalized and could affect thousands of staffers.

Financial goals are driving the upcoming wave of cuts, which are distinct from the "flattening, "The individuals, who requested anonymity, were speaking about private concerns. According to the persons, Meta has been asking directors and vice presidents to compile names of staff who can be fired due to a slowdown in advertising revenue and a shift in focus to a virtual reality platform called the metaverse. On Monday, a Meta representative declined to comment on the proposals.

This stage of layoffs may be completed within the upcoming week. When Chief Executive Officer Mark Zuckerberg leaves on paternity leave for his third child, which may be near, those working on the plan hope to have it finished, as per reports.

Although the November layoffs came as a surprise, the Meta staff had been expecting more firings. 2023 has been named by Zuckerberg the "year of efficiency, "and according to the people, the business has been expressing that theme to workers throughout performance reports, which were finished last week.

Employees at the Menlo Park, California-based business reported recent increases in anxiety and low morale among coworkers. Some workers expressed concern about receiving their bonuses, which are scheduled to be given out this month, if they lose their jobs first, according to the sources.

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