Meta will reportedly slash thousands of jobs this week

that the parent company of Facebook and Instagram is reportedly set to lay off thousands of more workers. It was just back in November when the Menlo Park based company announced it was letting go of 11,000 employees. KTVU's La Monaca Peters live tonight in Menlo Park with the story and what this could mean for the future of Silicon Valley, La Monaca. The tech experts that I spoke would say that these cutbacks are a result of the additional hiring that happened during the pandemic. They say people just that the parent company of Facebook and Instagram is reportedly set to lay off thousands of more workers. It was just back in November when the Menlo Park based company announced it was letting go of 11,000 employees. KTVU's La Monaca Peters live tonight in Menlo Park with the story and what this could mean for the future of Silicon Valley, La Monaca.

The tech experts that I spoke would say that these cutbacks are a result of the additional hiring that happened during the pandemic. They say people just aren't online like they were back then and these cuts are supposed to help them become more efficient. And then they realized that they are that they hire more of what they needed. So now they they call this year even in meta, they call it this is the year of efficiency. This basically trying to do more with the resources we have. A mass layoff is expected soon at meta, which owns Facebook, Instagram and WhatsApp. As inflation and the threat of a deep recession linger on, experts say aren't online like they were back then and these cuts are supposed to help them become more efficient.

And then they realized that they are that they hire more of what they needed. So now they they call this year even in meta, they call it this is the year of efficiency. This basically trying to do more with the resources we have. A mass layoff is expected soon at meta, which owns Facebook, Instagram and WhatsApp. As inflation and the threat of a deep recession linger on, experts say the tech industry continues to make adjustments, including using another technology to simplify tasks that employees would do in the past. Why I should have, you know, five, six people can do their search. If I can just go to that chat GPT and ask that question, it can summarize everything for me and do it.

And we've seen this is one of the hitting factors that is creeping into the market where reduce them use AI instead of using staff. Bonafa says the tech industry continues to make adjustments, including using another technology to simplify tasks that employees would do in the past. Why I should have, you know, five, six people can do their search. If I can just go to that chat GPT and ask that question, it can summarize everything for me and do it. And we've seen this is one of the hitting factors that is creeping into the market where reduce them use AI instead of using staff. Bonafa says Silicon Valley is still in good shape and the unemployment rate for tech workers is at about 2%. He says now tech workers have transferable skills that are needed at most companies.

Other industry insiders say Metta like other tech companies is simply course correcting after major growth. So we saw it was absolutely rapid growth over the last decade. Um, and I think a lot of these companies just there are you've created the product and people are Silicon Valley is still in good shape and the unemployment rate for tech workers is at about 2%. He says now tech workers have transferable skills that are needed at most companies. Other industry insiders say Metta like other tech companies is simply course correcting after major growth. So we saw it was absolutely rapid growth over the last decade. Um, and I think a lot of these companies just there are you've created the product and people are using that product.

Um, our service and it just isn't possible to rapidly grow forever, right? Still, the layoffs have some lawmakers in Sacramento concerned. Last month, assembly bill 13 56 was introduced to strengthening mass layoff protections for millions of workers in California. Roy says no one really thinks the tech industry is falling off, but simply moving in a different direction. I think it's still sort of a big question mark. But using that product. Um, our service and it just isn't possible to rapidly grow forever, right? Still, the layoffs have some lawmakers in Sacramento concerned. Last month, assembly bill 13 56 was introduced to strengthening mass layoff protections for millions of workers in California.

Roy says no one really thinks the tech industry is falling off, but simply moving in a different direction. I think it's still sort of a big question mark. But again, I think a lot of tech companies are sort of maybe starting to think outside of that growth mindset and into diversifying their products or services or expanding to other markets. Now for the first time last year, Meta lost ad revenue, which is most likely the beginning of their reorganization strategy. Mike Lamont computers live in mental park. La Monica. Thank you.

The U. S. again, I think a lot of tech companies are sort of maybe starting to think outside of that growth mindset and into diversifying their products or services or expanding to other markets. Now for the first time last year, Meta lost ad revenue, which is most likely the beginning of their reorganization strategy. Mike Lamont computers live in mental park. La Monica. Thank you.

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