Meta to Lay Off 10,000 More Employees, Wind Down NFT Efforts

Meta announced today that it will lay off another 10,000 employees, following a November layoff of 11,000 employees. It will also wind down its NFT efforts.

“Over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates,” Meta CEO wrote in a letter to employees. “My hope is to make these org changes as soon as possible in the year so we can get past this period of uncertainty and focus on the critical work ahead.”

According to Zuckerberg, Meta will announce restructurings and layoffs in its tech groups in late April, and then its business groups in late May. And in addition to laying off 10,000 people, Meta will close about 5,000 open roles that haven’t yet been hired.

After the restructuring is complete, Meta will lift hiring and transfer freezes in each group and analyze how the past year of hybrid work has impacted the firm. It still plans to “have a steady stream of developer productivity enhancements and process improvements throughout the year.”

Separately, Meta revealed that it was “winding down digital collectibles (NFTs) for now to focus on other ways to support creators, people, and businesses.” It looks forward to “supporting the many NFT creators who continue using Instagram and Facebook to amplify their work.” It will also continue to invest in fintech (financial technology) tools that it says people and businesses will need for the future.