Following Twitter, Meta planning massive layoffs this week
- ByStartupStory | November 7, 2022
It was reported on Sunday in the media in the United States that the parent company of Facebook, Meta, would become the latest technological corporation to decrease its workforce, with plans to lay off thousands of workers this week.
According to a story published by the Wall Street Journal, which claimed persons with knowledge of the issue, the layoffs might impact “many thousands” of employees at Meta, and an announcement was planned to take place as soon as Wednesday.
As of the 30th of September, Meta has over 87,000 employees operating across its multiple platforms located in a variety of countries throughout the world. The social media websites Facebook and Instagram, in addition to the messaging application WhatsApp, are included in this group of platforms.
Mark Zuckerberg, the Chief Executive Officer of Meta, stated in the company’s statement of the poor performance for the third quarter that the number of employees at the company will not expand by the end of 2023 and may even go down somewhat. He made this statement in response to the fact that the company had a poor performance for the third quarter.
Meta’s most recent intentions came on the heels of previous pronouncements by other IT businesses that they will either freeze hiring or decrease their employees in response to economic headwinds. The information technology industry is now engaged in a struggle against these headwinds.
Stripe and Lyft were among the Silicon Valley businesses that made public announcements of large-scale layoffs on Thursday. On the same day, Amazon also made the announcement that the company would pause recruitment efforts at its corporate headquarters.
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