Instagram to relocate staff and chief from London to New York
Instagram is trimming or shifting some of its London-based staff to New York, as overhauls and layoffs continue to hit the tech sector.
The photo app — owned by Meta — is asking UK-based workers to make the move after growing its London base and moving its leader, Adam Mosseri, to the UK last year. Bloomberg first reported the news, citing people familiar with the matter.
Mosseri also plans to relocate to the US, the report stated.
Meta was approached for comment but City PM was unable to independently confirm the company’s plans for Instagram.
Mosseri relocated to Meta’s King’s Cross office last August in a bid to expand the platform’s community of content creators and capitalise on the Tiktok influencer wave.
At that point, Meta’s London office boasted 4,000 staff.
The announcement comes as layoffs continue to plague the tech sector. Meta has axed thousands of jobs since last November, with the most recent round of cuts beginning on Wednesday, according to CNBC report confirmed by Meta.
The company announced it would cut 10,000 jobs in March, after previously cutting 11,000 roles last year, including 600 in the UK.
Meta’s share price has increased by 7.62 per cent in the last year, despite reporting a slump in profits as a result of squeezed ad revenues and tumultuous exchange rates.
The platform is due to report its results for the first quarter of 2023 next week.