Forget about Facebook. It's time to meet Meta. — Reuters
Meta, the parent company of Facebook is planning a major job cut that could affect “thousands” of workers, The Wall Street Journal (WSJ) is reporting.
The WSJ said the layoffs could begin as soon as Wednesday.
On Friday, its counterpart, Twitter laid off about 3,700 people — half of its global workforce.
The Facebook and Instagram parent company had reported over 87,000 employees at the end of September, but these “large-scale” layoffs are expected to slash a significant portion of staff members.
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According to the WSJ, the layoffs could hit Meta even harder than the mass job cuts at Twitter, which affected about half of the company’s 7,500 workforce.
Earlier in June, Mark Zuckerberg, Meta’s CEO warned employees that the coming recession would lead to a reduction in engineering jobs by at least 30 percent at the social media company.
“In 2023, we’re going to focus our investments on a small number of high-priority growth areas. So, that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year,” he had said.
“In aggregate, we expect to end 2023 as either roughly the same size or even a slightly smaller organisation than we are today.”
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