Metaplatforms plans to cut costs by at least 10% in the coming months, in part through layoffs, as the social media giant faces stalled growth and increased competition, according to people familiar with the company’s plans.

The Menlo Park, Calif.-based company has begun to quietly lay off significant numbers of employees by reorganizing departments and giving affected employees limited time to apply for other roles at the company, according to current and former managers familiar with the matter. a move that achieves staff reductions while preventing the mass release of pink slips.

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