Meta Will Announce ‘Huge-Scale’ Layoff Next Week

Meta Will Announce ‘Huge-Scale’ Layoff Next Week

Important news: Meta Platforms Inc., the parent company of Instagram, Facebook, and WhatsApp, may announce a huge-scale layoff this week.

The current economic slowdown also impacts thousands of positions in Mark Zuckerberg’s companies.

According to the latest earning statement, Meta has more than 87,000 employees.

Furthermore, the planned layoff would be the first event in the company in 18 years.

There is no comment from a company spokesman yet, but the recent call from founder Mark Zuckerberg indicates something.

Moreover, Meta’s officials have already told employees to cancel unimportant travel starting this week.

The company expanded significantly during the first two years of the pandemic in 2020 and 2021

Later on, Mark Zuckerberg brought on an additional 15,344 employees through the first nine months of this year.

However, Meta’s fortunes have changed in recent months after the first-ever revenue drop in July.

Besides, Zuckerberg’s bid on the Metaverse project hasn’t created new revenue opportunities for his company.

Meta has spent around $15 billion on the Metaverse project since the beginning of 2021.

Unfortunately, the company expects even to lose more capital on the Metaverse project in 2023.

The layoff news also happened at the Twitter office after Elon Musk took over the company.

Yoel Roth, Twitter’s head of safety and integrity, tweeted that half of Twitter’s staff of 7,500 was let go.