Meta, which owns Facebook, is planning to begin large-scale layoffs this week, the Wall Street Journal reported, citing sources with knowledge of the matter. The round of cuts could be the biggest in a recent wave of layoffs at tech companies, which are struggling after rapid growth during the pandemic.
According to the WSJ, the layoffs would affect thousands of employees, and an announcement is planned to take place on Wednesday. Meta reported having more than 87,000 employees at the end of September. Company officials have reportedly already been instructed to cancel this week’s non-essential travel.
The planned layoffs would be the first major force reductions to occur in the company’s 18-year history. While smaller in percentage terms than the Twitter cuts, which took place last week and hit about half of the company’s staff, the number of Meta employees expected to lose their jobs could be the highest to date in a large tech corporation. in a year, says the newspaper.
A spokesperson for Meta declined to speak to the WSJ, referring to Chief Executive Mark Zuckerberg’s recent statement that the company would “focus our investments on a small number of high-priority growth areas.”
At the time, Zuckerberg said that most of the company’s teams would remain stable or shrink.
The Wall Street Journal reported in September that Meta planned to cut expenses by at least 10% in the coming months, in part through staff reductions.
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