Employees will be gradually let go over the next several months.

2023 has not been kind to Meta so far, with major tech sector losses compounding with the company’s ongoing, extremely-expensive efforts to create next generation virtual technology failing to yield fruit. For this reason, Meta CEO Mark Zuckerberg has expressed a desire to make 2023 a “year of efficiency” for the company, which means making it “a stronger and more nimble organization.”

To this end, Zuckerberg announced a new wave of company layoffs to take place over the next several months, which will axe 10,000 employees in total, as well as remove around 5,000 positions that were previously open.

“Here’s the timeline you should expect: over the next couple of months, org leaders will announce restructuring plans focused on flattening our orgs, canceling lower priority projects, and reducing our hiring rates,” Zuckerberg said in a message to employees. He added that these efforts are in preparation to mitigate “the possibility that this new economic reality will continue for many years.”

Breaking: Facebook parent Meta said it would cut roughly 10,000 jobs over the coming months, its second major round of major layoffs https://t.co/ZcFsX6nHJW

— The Wall Street Journal (@WSJ) March 14, 2023

These layoffs will be part of a major restructuring effort for the company, which is estimated to run them roughly $3 to $5 billion, but with the hope that the cuts will lower their overall operating costs by $86 to $92 billion.