Meta and Microsoft, two of the world's biggest tech companies, have separately announced that they will be cutting jobs.
The job cuts are expected to affect thousands of employees across both companies.
Meta to Slash Around 8,000 Jobs
According to a report by 9News, Meta has announced plans to cut its global workforce by 10%, which is equivalent to around 8,000 jobs. The job cuts will take place by May 20.
6,000 open positions will likewise be canceled. The cancellation as well as the job cuts affecting around 8,000 is reportedly part of Meta's efforts to continuously invest in AI.
In an internal memo to employees, Meta Chief People Officer Janelle Gale said that "We're doing this as part of our continued effort to run the company more efficiently and to allow us to offset the other investments we're making."
"This is not an easy trade-off and it will mean letting go of people who have made meaningful contributions to Meta during their time here," she added.
Microsoft Offers Voluntary Buyouts
Microsoft, on the other hand, is offering voluntary buyouts to longtime employees, according to The Guardian.
The buyout is targeting those whose "sum of their ages and years at the company amount to 70 or greater." 8,000 employees would qualify based on this, as noted by the Financial Times.
Originally published on vcpost.com
