Meta Platforms (META.US) will be laying off approximately 5% of its workforce and plans to rehire for the positions this year.

Meta Platforms(META.US) spokesperson said on Tuesday that the company would lay off about 5% of its "underperforming employees" and planned to rehire for those positions this year. The spokesperson also revealed that Meta CEO Mark Zuckerberg has warned employees that the company will make more similar layoffs this year to "raise the bar for performance management." As of September 30, 2023, Meta's total number of employees was over 72,000. Many technology companies, including Cisco (CSCO.US) and IBM (IBM.US), are currently shifting their investment focus to the artificial intelligence (AI) technology field. Meta has also invested billions of dollars in AI-related infrastructure, and its spending is expected to continue to grow this year. Since 2022, the social media giant has launched several structural reforms, including a plan to lay off about 11,000 employees. Zuckerberg called 2023 the "efficiency year" and announced the decision to cut about 10,000 jobs. Moreover, Meta canceled its fact-checking project in the United States last week and relaxed its restrictions on controversial topics such as immigration and gender identity, which was seen as a response to conservative pressure, especially as former President Trump prepares to return to the presidential election. As of Tuesday's close, Meta Platforms fell 2.31% to $594.25.