Meta cutting 5% of workforce based on performance

Facebook parent Meta on Tuesday announced that it's planning to cut back its workforce with the reductions focused on the lowest performers, according to an internal memo sent to Meta employees.

"I've decided to raise the bar on performance management and move out low-performers faster," Meta CEO Mark Zuckerberg said in the memo. The news was first reported by Bloomberg.

"We typically manage out people who aren't meeting expectations over the course of a year, but now we're going to...