The parent company of Facebook and Instagram may soon become the newest social media giant that will lead to massive layoffs.
Meta, which said it employed more than 87,000 people in September, plans to inform employees of the potential the biggest round of cuts at work the company has ever seen it, according to The Wall Street Journal.
The cuts would reportedly affect thousands of workers who could know their fate this week.
Last week, Twitter laid off nearly half of its staff after billionaire Elon Musk purchased a microblogging site.
Mark Zuckerberg, who founded Meta in 2004 under the name TheFacebook, Inc., spoke extensively about HR plans last month in his earnings talks last month.
“Some teams will grow significantly, but most others will stay the same or shrink next year,” said Zuckerberg, according to WSJ. “Collectively, we expect 2023 to end as roughly the same size or even slightly smaller than today.”
Meta has significantly increased its workforce over the past three years as the world turned to virtual interactions due to the COVID-19 pandemic, reportedly adding more than 40,000 jobs as of 2020.
The cuts would come in a year in which Meta shares fell as much as 70%. Zuckerberg told his employees in June that “there is probably a group of people in the company who should not be here.”
The company, which adopted the nickname Meta Platforms, Inc. last year, also owns the What’s App messaging service and the Oculus virtual reality brand.
In less than two years, Meta reportedly committed $ 15 billion to develop a comprehensive virtual reality experience known as the metaverse.
“I understand that a lot of people may disagree with this investment,” said Zuckerberg in the earnings interview. “I think people will look back over decades and talk about the importance of the work that has been done here.”
#Meta #owns #Facebook #plans #massive #layoffs #report