Meta Announces Looming 5 Percent LayoffsWhat Is Mark Zuckerberg’s Salary, Net Worth? [Video]

Meta, formerly known as Facebook, will reduce its workforce by approximately 5 percent by letting go of its “lowest performers” and plans to recruit for the affected roles later this year, the company announced on Tuesday.

CEO Mark Zuckerberg has cautioned employees about the likelihood of additional job cuts this year as part of efforts to “raise the bar” on performance management, Reuters reported.

Newsweek reached out to Meta via email for comment.

Meta Announces Layoffs For 5 Percent Of Company

Like many technology companies, Meta has invested billions of dollars into artificial intelligence-related infrastructure, anticipating an increase in expenses this year as a result.

The recently announced cuts come after two restructuring efforts by Meta in recent years.

In 2022, the social media company eliminated approximately 11,000 jobs. Zuckerberg designated 2023 the “Year of Efficiency,” and Meta announced plans to cut around 10,000 additional roles.

Last week, the company discontinued its U.S. fact-checking program…