CEO Mark Zuckerberg made the announcement Tuesday as part of the social media giant’s “Year of Efficiency.” The restructuring will flatten the organization, cancel low priority projects and reduce hiring with a freeze on new hires and transfers in place until most of the layoffs are complete in about two months’ time, Zuckerberg said. (The Logic)

Talking point: When asked how the layoffs will affect Canadian employees, Meta Canada spokesperson Alex Kucharski referred to Zuckerberg’s announcement. This is the second mass staff reduction that Meta has made in less than six months. In November the company shed 11,000 employees, or about 13 per cent of its workforce, during last fall’s spate of Big Tech layoffs. In today’s announcement, Zuckerberg called the last year a “humbling wake-up call” and warned that the slower economy could last for several years. He cited higher interest rates, global geopolitical instability and increased government regulation as contributing factors to slower growth and increased costs. Meanwhile, Apple is reportedly limiting hiring for new jobs and will delay bonuses for some employees.