Meta delays setting team budgets, likely to fire more employees soon

According to reports, Facebook's parent company Meta has delayed setting its teams' budgets. The move comes amidst reports of further layoffs at the company.

In Short

A Reuters report initially attributed to the Financial Times states that Meta has delayed finalizing the budgets of several teams.

Further layoffs are expected at the company.

Recently, CEO Mark Zuckerberg announced 2023 as 'the year of efficiency'.

By Divyanshi Sharma: A couple of days back, reports of Meta planning further layoffs surfaced as CEO Mark Zuckerberg announced 2023 as 'the year of efficiency' for the company. He had also said that he is looking forward to speeding up the company's decision-making process by ‘removing some layers of middle management’.

Now, adding fuel to the layoff rumors, a Financial Times report says that teams at Meta haven't been assigned their annual budgets yet and a fresh round of layoffs is expected at the company.