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Meta to cut roughly 5% of its workforce based on performance

Meta is reducing its workforce by about 5% through performance-based terminations, Bloomberg reported on Tuesday.

The company plans to hire new people to fill the roles, CEO Mark Zuckerberg said in an internal memo to staff. “I’ve decided to raise the bar on performance management and move out low-performers faster,” Zuckerberg said in the note. “We typically manage out people who aren’t meeting expectations over the course of a year, but now we’re going to do more extensive performance-based cuts during this cycle.”

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