Meta on Wednesday laid off around 700 employees in the Reality Labs unit, as well as some in recruiting, sales and Facebook, according to a person with knowledge of the company. “Teams across Meta regularly restructure or implement changes to ensure they’re in the best position to achieve their goals,” a Meta spokesman said. “Where possible, we are finding other opportunities for employees whose positions may be impacted.” The New York Times notes that less than 24 hours earlier, Meta has introduced a new stock option incentive program for senior executives that could deliver payouts worth hundreds of millions of dollars if the company reaches a $9tn market capitalisation by 2031.
