Meta Supposedly Planning To Fire Thousands Of Employees
According to reports, Facebook owner Meta will begin huge layoffs this week, a first of this magnitude in the company’s history and the latest in a string of layoffs in the technology industry.
According to a Sunday (Nov. 6) Wall Street Journal story, individuals familiar with the situation say the layoffs might be revealed as early as Wednesday and are anticipated to affect several thousand employees (Nov. 9). According to reports, Meta has instructed workers to cancel non-essential travel beginning this week.
The WSJ said that the layoffs would be the first time in the company’s 18-year history that Meta has implemented a significant number of employee cutbacks. It might be the greatest wave of layoffs at a major technology business, topping Twitter’s recent layoff of 3,700 employees.
Mark Zuckerberg, CEO of Meta, has previously announced intentions to stop recruiting and reorganise several teams this year, which will help decrease some expenditures and “realign priorities,” resulting in a smaller firm next year.
During a September Q&A session with workers, the founder of Facebook said that the firm intends to reduce funding for the majority of its teams, even those that are expanding.
“I had hoped the economy would have more clearly stabilised by now,” Zuckerberg said. “But from what we’re seeing, it doesn’t yet seem like it has, so we want to plan somewhat conservatively.”
Meta’s shareholders have lately voiced annoyance that CEO Mark Zuckerberg has done nothing to allay their worries that the social media giant’s bloated and money-losing metaverse project threatens the company’s survival.
Zuckerberg doubled down on the company’s earnings call on October 26, emphasising that metaverse expenditure would not only continue but also increase, despite the fact that its Reality Labs business is projected to lose $12 billion to $15 billion this year.
Following Meta’s results statement, the company’s shares plunged another 24%, bringing its year-long decline to more than 70% and prompting institutional investors to label Zuckerberg “tone-deaf.”
