Meta Platforms(META.US) is planning to lay off approximately 5% of its workforce this year and intends to rehire for the positions that are cut.

Meta Platforms spokesperson stated on Tuesday that the company plans to cut approximately 5% of its "poorest performing employees" and intends to rehire for those positions later this year. The spokesperson also revealed that Meta CEO Mark Zuckerberg has warned employees that the company will be conducting more similar layoffs this year to "raise the standards of performance management." As of September 30, 2023, Meta had a total of over 72,000 employees. Currently, many tech companies, including Cisco Systems, Inc. and IBM, are shifting their focus towards artificial intelligence (AI) technology. Meta has also invested billions of dollars in AI-related infrastructure, with expenditures expected to continue growing this year. Since 2022, the social media giant has initiated several structural reforms, including a plan to lay off around 11,000 people. Zuckerberg has dubbed 2023 as the "year of efficiency" and announced a decision to cut around 10,000 positions. Additionally, last week Meta scrapped its fact-checking program in the US while also easing restrictions on discussions about controversial topics such as immigration and gender identity. This move is seen as a response to conservative pressure, especially as former President Trump prepares for a potential return to the US presidential election. As of Tuesday's closing, Meta Platforms fell by 2.31% to $594.25.