Meta to begin first wave of layoffs on May 20, cutting about 8,000 jobs, with more layoffs expected later: Reports

UNITED STATES: Meta will reportedly begin its planned first wave of layoffs on May 20, cutting 10%, or about 8,000, of its global workforce, Reuters reported, citing three sources familiar with the plans.

The sources also said there are further layoffs in the second half of the year, although details such as timing and size have not been finalised. Plans may also change depending on developments in artificial intelligence capabilities, they added.

Amid reports of the upcoming layoffs, Business Insider reported, citing two sources familiar with the matter, that Meta “quietly” hired two founding members of artificial intelligence research and product company Thinking Machines Lab, Mark Jen and Yinghai Lu, along with AI researcher Tianyi Zhang, who all previously worked at Meta.

The three, who are recent departures from the US$12 billion AI startup founded by former OpenAI executive Mira Murati, have not yet disclosed their move on LinkedIn.

Other companies that have had massive layoffs include Amazon, Block, and Oracle.

So far this year, 73,212 tech employees have lost their jobs, according to data from Layoffs.fyi. While many companies have been citing AI-driven efficiency as a reason for job cuts, analysts argued that companies have been “AI-washing” layoffs instead of citing other reasons for the cuts. /TISG

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