Bloomberg reports that Meta will lay off 5% of staff

News reports say that social media company Meta Platforms is planning to cut 5% of total staff this year by terminating staff based on performance and hiring new workers to replace them. Bloomberg News reported that Meta CEO Mark Zuckerberg made the announcement in an internal note to employees. He said he wants to “raise the bar on performance management and move out low-performers faster.” Meta employs about 72,000 people, according to recent filings, so cutting 5% of staff would amount to 3,600 people, Bloomberg said. The company owns Facebook, Instagram, WhatsApp and Threads. The company declined to comment but said that Bloomberg’s reporting was accurate.