CEO and co-founder Mark Zuckerberg confirmed the news in an open memo to his staff. The company had previously cut 11,000 jobs in November and tried to palm the whole thing off as an "efficiency and cost-cutting measure."

"When I talked about efficiency this year, I said that part of what we're going to be doing is cutting jobs - and that will be both to build a leaner, more technical company and to improve our business performance to enable our long-term vision," Zuckerberg said.

However, it is more likely to be a response to declining profits and revenues caused mostly by the outfit's push to the Metaverse -- a costly technology leap which no one really wants.

The restructuring and job cuts will begin in April, and the recruitment team will be the first to be affected. The company will start cutting jobs in business units in May. In addition to cancelling smaller projects, the company has also imposed a hiring freeze on a number of teams. The hiring freeze will be lifted when the restructuring is complete.

Another thing that Zuckerberg mentioned was that engineers who worked from home were more likely to be booted than those who attended management meetings. He claimed that an initial analysis of performance data showed that software engineers who work on-site perform better than those who work remotely.

Employees should "find more opportunities to work face-to-face with their colleagues"

Zuckerberg said:  "It'll be tough, there is no way around it. It means saying goodbye to talented and passionate colleagues who have been part of our success. They have dedicated themselves to our mission and I'm personally grateful for their efforts. We'll continue to support people as we have in the past and give everyone the gratitude they deserve."

Loosely translated, "everyone is expendable, other than me."