The Facebook parent company Meta Platforms Inc is planning to begin large-scale layoffs this week that puts thousands of employees at risk of losing their jobs.
After Twitter’s new head-honcho Elon Musk laid off nearly 3,700 employees from its workforce last week, Mark Zuckerberg’s Meta is also expected to follow closely behind, with employees expected to be notified as soon as Wednesday.
According to reports from The Wall Street Journal, Meta company officials have already told its 87,000-strong workforce to cancel nonessential travel beginning this week.
Meta's job cuts would relatively be smaller on a percentage basis than Twitter laying off nearly 50% of its workforce last week; however, the number of employees expected to lose jobs could be "largest to date at a major technology corporation in a year that has seen a tech-industry retrenchment".
I worked at Facebook when we had 200 employees— Bobby Goodlatte (@rsg) November 5, 2022
I’ve never understood why FB needs 20,000 employees. And less so the 70,000 employees Meta has now@elonmusk’s Twitter layoffs are appropriate
Unfortunate, but appropriate
These businesses just don’t require that many people
The planned Meta layoffs come in light of the company’s revenue declined for two straight financial quarters, with stiff competition from TikTok and the ever-increasing expenditure on the Metaverse.
Earlier in September, The Wall Street Journal reported that Meta might cut expenses by at least 10 per cent through job reductions following a 70% plummet in stock this year. The company blamed macroeconomic situations for the fall in revenue.
Facebook changed its name to Meta on this day one year ago.— Jon Erlichman (@JonErlichman) October 28, 2022
Since then, the company’s market value has declined by $622 billion. pic.twitter.com/DsCc84ascI
A majority of Meta’s inflating expenses stem from Zuckerberg’s prioritisation of Reality Labs, the Meta division responsible for the creation of the Metaverse and the virtual and augmented reality headsets for the same. An estimated $15 billion has been spent on developing the Metaverse initiative so far.
This headline is more accurate: Meta is losing billions of dollars because their founder wants to create a digital world where he can fuck a centaur, so now they have to fire everyone https://t.co/6YPDMtFSd1— Asking women if they're mad at me (@mattytalks) November 6, 2022
Here’s hoping that Zuck is as flaky when it comes to firing his workforce as Musk has proven to be as of late.