Meta starts final round of layoffs

STORY: Meta began its latest round of layoffs on Wednesday (May 24).

That's according to a source close to the matter.

It is part of a plan announced in March to get rid of 10,000 roles.

That month, the Facebook owner became the first Big Tech company to announce a second round of mass layoffs.

It comes after it shed more than 11,000 employees in the fall.

This round of job cuts is expected to hit the ad sales, marketing and partnerships teams.

Meta CEO Mark Zuckerberg said most of the layoffs would take place in three 'moments' over several months.

He said it would largely finish in May, with some smaller rounds possibly following after that.

Zuckerberg said about 4,000 employees lost their jobs in April's layoffs.

Meta's job cuts come after months of falling revenue growth.

The firm was hit by high inflation and a digital ad pullback from an e-commerce boom seen during the health crisis.

The company has also invested billions into its Metaverse-focused Reality Labs unit, which lost $13.7 billion last year.