Facebook will lay off another 10,000 employees

- An important reason for the slowing down economy

- Facebook laid off 11,000 employees four months ago to cut costs

Washington: Facebook's parent company Meta said it will lay off 10,000 employees. The company had retrenched 11 thousand employees four months ago. Meta was the first company to announce mass layoffs. Other tech companies followed suit.

The company's chief executive officer, Mark Zuckerberg, said in his message to employees that we are planning to reduce the size of the team by 10,000 and we will not hire another 5,000.

This step was taken in the context of Zuckerberg's plan to reduce the company's expenses from $95 billion to $89 billion in 2023. The downturn in the economy is causing mass layoffs in the corporate world across America.

Big tech firms including Wall Street banks such as Goldman Sachs and Morgan Stanley, Amazon and Microsoft have also made massive layoffs. Since the beginning of 2022 till now, the tech industry has laid off 2,80,000. 40 percent of these layoffs have taken place this year, said the layoff tracking site.