Meta layoffs: Facebook, Instagram, WhatsApp to start cost-cutting today

• ByStartupStory     |    November 9, 2022

According to people familiar with the situation, the parent company of Facebook, Instagram, and WhatsApp, Meta layoffs Platforms, intends to begin mass layoffs on November 9 as part of a cost-cutting strategy in response to dismal profitability and a decline in sales. This is in response to the fact that the company has been experiencing both a decline in sales and a decline in profitability.
Mark Zuckerberg, the Chief Executive Officer (CEO) of Meta layoffs, shared the news with the workers at the end of September that the company intended to decrease expenses and reorganize teams. The company, which has its headquarters in Menlo Park, California, and also owns Instagram and WhatsApp, has put a halt on all new hires for the time being. The Chief Executive Officer of Meta layoffs has said that the company anticipates the workforce to be smaller in 2023 than it is in 2022.

According to the individuals, who wished to remain anonymous because they were sharing sensitive information, Zuckerberg spoke with the executives on November 8 in order to prepare them for the layoffs. He told them that the impacted employees would begin receiving notifications on November 9 and that he would speak with them again on November 9. This took place on November 8.

According to the Wall Street Journal Meta layoffs
According to the Wall Street Journal, on the executive call, Zuckerberg acknowledged responsibility for the “missteps’ ‘ that the company had taken. Bloomverg’s request for a comment from Meta layoffs was not met with an instant response from a spokeswoman for the company.
According to Insider, the firm anticipates that the layoffs would affect around 10% of its personnel. As of the 30th of September, the company had over 87,000 workers. The reductions, which are a part of the first significant budget cut since the founding of Facebook in 2004, reflect a steep slowdown in digital advertising revenue, an economy that is teetering on the brink of recession, and Zuckerberg’s significant investment in a speculative virtual-reality push that is known as the metaverse. The reductions are part of the first significant budget cut since the founding of Facebook in 2004.
Following in the footsteps of Twitter, which only a week ago laid off roughly half of its workforce after selling itself to Elon Musk, Meta layoffs have also started laying off employees. The manner in which those layoffs were carried out was disorganized, and a good number of employees found out they were terminated when they unexpectedly lost access to Slack or email. Musk said that these changes were necessary in order to halt the losses that the social network was experiencing. Later, he approached a couple of the terminated workers and urged them to return to work.
“Over the last several months, our income has either remained the same or has gone down marginally for the first time. Therefore, we are going to have to make some adjustments,” Zuckerberg stated in September.

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