The daily business briefing: March 15, 2023

Meta announces a second round of layoffs, regulators investigate Silicon Valley Bank collapse, and more

The Meta logo under a magnifying glass
(Image credit: KIRILL KUDRYAVTSEV/AFP via Getty Images)

1. Meta announces second round of layoffs

Meta Platforms, which owns Facebook and Instagram, said Tuesday it would cut 10,000 jobs in 2023, which CEO Mark Zuckerberg last month said would be a "year of efficiency" for the social media giant. Meta is the first Big Tech company to announce a second round of layoffs as the industry cuts costs to shore up its finances in preparation for an expected economic downturn. Meta eliminated more than 11,000 jobs, or 13 percent of its workforce at the time, in its first round of layoffs last fall. Like other tech companies, Meta went on a hiring binge as online services boomed earlier in the pandemic, doubling the staff it had going into 2020.

Subscribe to The Week

Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.

SUBSCRIBE & SAVE
https://cdn.mos.cms.futurecdn.net/flexiimages/jacafc5zvs1692883516.jpg

Sign up for The Week's Free Newsletters

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.

Sign up
Explore More
Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.