After Twitter’s mass layoffs caused a stir in the tech world, Meta appears to be following suit. According to a Wall Street Journal report, the owner of Facebook and Instagram will begin trimming staff in the second week of November.
Meta’s Mark Zuckerberg earlier stated that the social media giant’s staff could be smaller next year. Rationalizing office space was yet another area that the company was focusing on.
Meta to Sack Thousands of Employees
At the end of September, Meta reported over 87,000 employees, during which the company froze hiring. The company also asked its employees to cancel any non-essential travel starting this week. The upcoming layoff is expected to affect thousands of them, and the official announcement may come as early as Wednesday.
The news comes amidst tech giants struggling to adjust to turbulent times over slowing growth. Meta’s share price, for one, was down by over 70%. Its revenue plummeted 4% in the third quarter, but costs and expenses shot u
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