Meta to Begin Layoffs This Week

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Meta, the social media platform and maker of the Meta 2 augmented reality headset, will begin massive layoffs this week, according to CNET reporter Lance Whitney. The company’s stock price has dropped sharply since late 2015 and has been in decline ever since.

Image Source- ANI News

Parent Facebook Meta
might start mass layoffs as early as this Wednesday, the Wall Street Journal said.

The article stated that thousands of employees might be affected by the layoffs, which would be the first significant workforce cut in Meta’s history. The business stated that it had over 87,000 workers as at the end of September.

A Meta representative declined to respond to questions and pointed CNBC to Zuckerberg’s remarks from the business’ most recent earnings conference last month.

At the time, Zuckerberg declared, “In 2023, we’re going to concentrate our expenditures on a limited handful of high priority growth areas. That indicates that although most other clubs will either stay stable or decline over the upcoming year, others will see considerable growth. Overall, we anticipate being either around the same size or perhaps a little bit smaller than we are now by the end of 2023.

Since early 2016, Meta shares have fallen 73% this year, making the social networking behemoth the worst performance in the S&P 500 in 2022.

The fall from grace is mainly because of Facebook’s slowing growth, investors’ increasing skepticism about CEO Mark Zuckerberg’s ability and calls for a breakup of large tech companies. The company has come under fire for mishandling users’ personal data and concerns over its spreading political influence.

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