Facebook-parent Meta Platforms has announced that it will cut 10,000 jobs this year as part of a restructuring plan. The company will scrap hiring plans for 5,000 positions, abandon lower-priority projects, and flatten layers of middle management. This is the second round of mass layoffs for the company, which eliminated more than 11,000 jobs in the fall of 2022. The move comes as the tech industry braces for an economic downturn due to rising interest rates and inflation woes. Meta's digital ads business is also facing unique threats while it spends heavily on CEO Mark Zuckerberg's plans to build a futuristic metaverse.