Facebook hopes to reduce office space and cut expenses, many Facebook employees will no longer be assigned separate office space.
▲ Facebook parent company Meta makes big spending cuts
The company’s CEO, Mark Zuckerberg, said in a mass layoff notice sent to employees to reduce expenses.
In a massive layoff notice sent to employees, Mark Zuckerberg, CEO of Facebook parent company Meta, announced more than 11,000 layoffs on Wednesday, saying that the company’s “real estate space” will shrink to reduce expenses, meaning offices will close or office space will be reduced. That means offices will close or office space will be reduced. As part of the move, Zuckerberg said employees who have largely moved to remote work since the outbreak began will “transition to shared desks,” meaning they won’t have a designated workspace.
And that’s just the beginning. Zuckerberg also said that the company will introduce more such cost-cutting measures in the coming months. Facebook also said in a filing with the U.S. Securities and Exchange Commission that it will lower its full-year 2023 spending estimates to $94 billion to $100 billion, down from its previous plan of $96 billion to $101 billion, with most of the cuts coming from capital expenditures.
