Meta to cut 5% of staff, focusing on performance-based terminations

Meta Platforms Inc. is cutting roughly 5 per cent of its staff through performance-based terminations and plans to hire new people to fill their roles this year, according to an internal memo sent to all employees.

As of September, Meta employed about 72,000 people, so a 5 per cent reduction could affect roughly 3,600 jobs. “I’ve decided to raise the bar on performance management and move out low-performers faster,” Chief Executive Officer Mark Zuckerberg said in the note posted to an internal message board and reviewed by Bloomberg News.