According to Reuters, Meta will now lay off 8000 workers on May 20. That said, what should you know about it?
For your information, inside sources say this is just the first wave of layoffs that Meta will undertake this year. In H2 2026, they will lay off more employees with the target of shedding up to 20% of the global workforce throughout 2026.
A lot of layoffs on top of layoffs
Earlier this year, Meta was expected to lay off employees involved with the metaverse and mixed reality headsets. Although the company changed its name to Meta in 2021, AI is now the company's primary focus and no longer the metaverse.
Moreover, the XR game development studio was shut down, with Meta also announcing that access to Horizon Worlds using Quest would be discontinued. This plan was later scrapped after receiving negative feedback from players.
Additionally, Meta is set to spend tens of billions to build its latest AI model to compete with Google, Anthropic, and OpenAI. But Meta's efforts have been somewhat hampered after the new model failed to meet its targets and the loss of chief researcher Yann Le Cun, who resigned to start his own company this year.
Stay tuned to TechNave.com for more updates like this.
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