Meta, the parent company of Facebook and WhatsApp, is continuing to lay off employees, and the latest case is related to the misuse of meal credits.

Layoffs at Meta due to meal credit misuse

About 24 employees in Los Angeles were fired for using meal credits intended for food to purchase household items like laundry detergent and wine glasses. Meta declined to comment on the number of layoffs or details of the report on the meal credits incident.

Wave of cutbacks at Meta since 2022

Since 2022, Meta has cut over 21,000 jobs to optimize operating costs. The November 2022 layoffs accounted for 13% of the company's entire staff. The layoff affected the company's social media platforms and a research lab working on the metaverse. The downturn in the tech industry has been driven by advertisers cutting costs due to inflation and rising interest rates. Big companies like Google and Twitter also announced massive layoffs during this period.

Mark Zuckerberg's comments on layoffs

Mark Zuckerberg admitted to misjudging the continued growth of e-commerce post-COVID pandemic. In 2023, the company continued its policy of increasing efficiency and achieved over 60% stock growth. Most recent results showed exceeded revenue expectations, with digital ad revenue supporting AI investments.

As Meta optimizes expenses and the structure of its divisions, the company faces challenges and the need to adapt to a changing economic market situation.