As part of an extensive reorganization strategy, Meta is laying off another 10,000 employees after deciding to halt its NFT projects and redirect its focus toward advancements in AI.

As part of its 'Year of Efficiency' campaign aimed at bolstering its financial health, Meta has disclosed a major revamp, which includes scaling back its workforce by 10,000 positions and curtailing about 5,000 open job listings. This restructuring process is set to bolster the company's performance metrics.

The plan for reorganization includes simplifying the company's hierarchical structure, terminating projects deemed less critical, and slowing down recruitment efforts. Moreover, there will be a reduction in the size of the recruiting team. Layoffs within the technology divisions are anticipated to be announced in late April, while changes in the business sectors will follow in late May.

This marks the second round of job cuts in just three months. Back in November, Meta's CEO, Mark Zuckerberg, disclosed plans to eliminate over 11,000 positions.

In the most recent statement Zuckerberg has also indicated that after this restructuring wraps up, Meta intends to lift its hiring and transfer restrictions across its various departments. This latest series of layoffs follows the company's decision to move away from NFT initiatives, just months after they were first introduced on Facebook and Instagram, as they pivot to a stronger focus on artificial intelligence. announced Although these restructuring efforts may be difficult for those losing their positions, the company's new direction toward AI could pave the way for fresh opportunities for individuals skilled in this domain. This strategic shift towards artificial intelligence highlights a wider trend across the tech sector, where numerous companies are beginning to realize the vast potential this technology offers.

As per Zuckerberg's insights, Meta – which had previously emphasized investments in the metaverse – is now recognizing AI as the essential technology for the future of social engagement, claiming that 'our most significant investment is in the evolution of AI and integrating it within all of our products.'

In a message directed at employees, Zuckerberg pointed out that Meta is leveraging AI to assist users in expressing their creativity and discovering new forms of content, even before mentioning the metaverse. $70 billion bet Meta's metaverse-focused division, known as Reality Labs, reported an alarming operational loss of $4.28 billion for the fourth quarter of 2022, pushing its total annual loss to $13.72 billion. In that same year, Zuckerberg's net worth saw a staggering drop of $71 billion, falling from $126.9 billion at the start of the year, as documented.

The Bitcoin Blockchain: An Introductory Guide

Analyzing the Top 10 Countries Embracing Cryptocurrency in 2023 Bloomberg’s Billionaires Index .

Read more:

• A Study on Global Attitudes Toward the Metaverse: Embracers and Rejecters
• It’s important to note that the information shared on this platform does not constitute legal, tax, investment, or financial advice. It is crucial only to invest what you can afford to lose and to consult with an independent financial expert if you have uncertainties. For more information, reviewing our terms and conditions, as well as the help and support pages provided by the issuer or advertiser, is recommended. Metaverse Post stands committed to delivering accurate and impartial reporting, although market conditions may change without prior notice.
• Cindy, a journalist working with Metaverse Post, delves into topics related to Web3, NFTs, the metaverse, and AI, with a particular interest in conducting interviews with figures in the Web3 industry. She has had conversations with over 30 executive leaders to bring their insights to our audience. Originally from Singapore, Cindy has settled in Tbilisi, Georgia. She holds a Bachelor's degree in Communications & Media Studies from the University of South Australia and brings a decade's worth of journalism and writing experience.