Meta 2024 Layoffs have impacted employees across key divisions, including Instagram, WhatsApp, and Reality Labs, as Meta Platforms Inc. initiated another wave of job cuts. This latest round of Meta 2024 layoffs is part of the company’s ongoing efforts to streamline operations and cut costs.
A spokesperson from Meta confirmed the restructuring, highlighting that various teams are undergoing changes to align with the company’s long-term strategic and location objectives. “This includes moving some teams to different locations and transitioning some employees to new roles,” the spokesperson said. “When a position is eliminated, we work hard to find other opportunities for affected employees.” The Meta 2024 layoffs are yet another move in the company’s broader cost-cutting strategy.
Among the notable names impacted is app reverse engineer Jane Manchun Wong, who joined Meta’s Threads team in 2023. Wong announced on social media that her position had been eliminated as part of the Meta 2024 layoffs.
Although Meta has not disclosed the exact number of job cuts, the company has laid off approximately 21,000 employees since November 2022 as part of its cost-reduction efforts. CEO Mark Zuckerberg, in March 2023, stressed the importance of creating a leaner organization that can prioritize key initiatives more effectively, resulting in faster execution and higher productivity for the remaining workforce.
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In a separate development, Meta terminated about two dozen employees from its Los Angeles office due to the misuse of its $25 meal credit program. Employees reportedly exploited the program, purchasing non-food items such as acne treatment pads, wine glasses, and laundry detergent. Some workers allegedly pooled their credits or had meals delivered to their homes, breaching the program’s intended purpose of providing on-site meals.
Meanwhile, Meta CEO Mark Zuckerberg has experienced a significant financial boost, with his net worth surging by $71.8 billion in 2023. This increase places him among the top three wealthiest individuals globally, with a fortune surpassing $200 billion, according to Bloomberg’s Billionaire Index.
Mark Zuckerberg’s wealth is largely tied to his 13% stake in Meta, whose stock price has risen nearly 60% since January 2023, pushing the share price to record levels of over $560. Meta’s strong performance, generating $134.9 billion in revenue and engaging nearly four billion monthly active users, has fueled investor confidence.
TikTok has laid off over 700 employees in its Malaysian division as part of parent company ByteDance’s global restructuring efforts. The move aligns with TikTok’s strategy to enhance content moderation through artificial intelligence (AI). The impacted employees, mainly from moderation roles, were informed via email. TikTok confirmed the layoffs but did not disclose exact figures. This shift reflects TikTok’s commitment to improving safety and adopting AI-driven moderation globally.
