Mark Zuckerberg, the CEO of Meta, is now considering the recent tech layoffs as somewhat beneficial for companies to become "leaner" and more effective.
In an episode of the Morning Brew Daily podcast, Zuckerberg explained that the layoffs are partly made "due to companies trying to navigate COVID."
Many of the companies did mass hiring during the pandemic to meet increased online demands.
However, with the world going back to normal and the inflation surging in the US, the majority of the tech industry started cost-cutting measures across less profitable ventures. Among those was Meta.
Meta Cuts Off More Than 20,000 Livelihoods Since 2022
Meta has eliminated over 20,000 jobs since Zuckerberg proclaimed the company is on its "year of efficiency" in 2023. Meta's stock has since surged by 20% following the statement.
It is estimated that the social media giant cut off a quarter of its workforce size in November 2022. Other vacant roles also remained unfilled as of writing.
Zuckerberg made the statement regarding the question of whether AI will soon replace jobs in the industry.
Meta Pushes for More AI on 'Year of Efficiency'
It is worth noting that the majority of the layoffs Meta made last year following the company's leaps on AI development.
Meta has been among the leading companies pushing for more AI use as it integrates the technology throughout all of its platforms.
Just recently, Zuckerberg revealed plans to advance the development of artificial general intelligence, a far more sophisticated AI believed to be able to fully mimic human behavior.
The International Monetary Fund already warned that up to 60% of jobs in developed countries could be "exposed" to the growing relevance of AI in workspaces.
The IMF cited the increasing number of layoffs from the tech industry as one of the more apparent results of companies transitioning towards automated workers.
Related Article : Meta Reveals Plan to Build Artificial General Intelligence
