Meta Platforms to Fire 50 Vice Presidents in Cost-Cutting Strategy

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To streamline its operations and reduce costs, Meta Platforms is planning to fire 50 Vice Presidents. This move is part of its larger plan to create a leaner and more efficient company. Some of Meta’s strategic tenets are reducing management layers, focusing on high-value projects, investing in new AI tools and technologies, and optimizing engineering ratios. Notably, Meta plans to spend $35-40 billion by 2024 on AI and their Reality Labs metaverse division, which is $5 billion more than its initial projection.