Meta has reportedly terminated the employment of two senior executives in India as part of a global restructuring effort that has led to a significant number of layoffs. Avinash Pant, the director of marketing, and Saket Jha Saurabh, the director and head of media partnerships, were both let go during the recent round of layoffs that commenced on May 24, according to a Reuters report.
The restructuring has affected various business and operational units within Meta, including marketing, site security, enterprise engineering, program management, content strategy, and corporate communications. Numerous employees impacted by the layoffs have taken to LinkedIn to express their disappointment over losing their jobs.
In addition, Meta has reportedly reduced the workforce in its privacy and integrity units.
Interestingly, these high-level departures at Meta coincide with significant changes at its India division. Over the past six months, five top executives of the social media giant in India have resigned, beginning with the departure of Meta India head Ajit Mohan in November 2022.
Despite the extensive layoffs, Meta’s market capitalization has experienced substantial growth, with its share value more than doubling this year. In the past six months alone, Meta’s shares have increased by 2.37 times, rising from $111.41 per share in November 2022 to $249.21 as of May 24, 2023.
Analysts attribute Meta’s surge in shares to its cost-cutting initiatives and heightened focus on artificial intelligence (AI). The company has launched several AI-based solutions, which have contributed to its market success.
