Excellent! Facebook parent Meta planning massive layoffs this week

Twitter, Snap, Microsoft, and other tech companies have trimmed their workforces in recent months

Excellent! Facebook parent Meta planning massive layoffs this week Meta-Russia-Disinformation

Excellent! Facebook parent Meta planning massive layoffs this week Meta-Russia-Disinformation

Facebook parent company Meta Platforms is planning to let go of thousands of employees this week, marking the first wide-ranging layoffs in the social media platform's history, the Wall Street Journal reported Sunday.

The cuts add to broader reductions across the tech industry, with Twitter, Snap, Microsoft and other companies trimming their workforces in recent months.

A spokesperson for Meta declined to comment on Sunday, but directed FOX Business to comments that CEO and co-founder Mark Zuckerberg made during a third-quarter earnings call last month.

"In 2023, we’re going to focus our investments on a small number of high-priority growth areas," Zuckerberg told investors on Oct. 26. "So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year."

.https://www.foxbusiness.com/economy/facebook-parent-meta-planning-massive-layoffs-week-report

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BREAKING NEWS: Mark Zuckerberg confirms Meta will start laying off workers TOMORROW in meeting with hundreds of execs

Mark Zuckerberg will begin laying off swathes of Meta employees beginning tomorrow, according to reports.

The Facebook founder told executives in a meeting today that broad cuts will be announced, with recruiting and business teams to face losses.

Cuts at the company, which has suffered a huge loss in market value and falling revenues, are likely to amount to thousands of staff.

Excellent! Facebook parent Meta planning massive layoffs this week 64255503-11405197-image-a-10_1667943226463

Excellent! Facebook parent Meta planning massive layoffs this week 64255503-11405197-image-a-10_1667943226463

Employees are expected to be informed about the cuts in a company-wide email to be sent at 6am Eastern time on Wednesday.

Many of the new engineers who were brought on to work the controversial Metaverse over the past two years are expected to be on the chopping block, sources familiar with the matter told Business Insider.

Zuckerberg, 38, was said to have appeared gloomy on the call and also said he was accountable for missteps made by Meta.

He also said the company was overstaffed because he was overly optimistic about the its growth.

Lori Goler, head of human resources at Meta, said employees who are let go will be given at least four months of salary as severance, sources told the Wall Street Journal.

.https://www.dailymail.co.uk/news/article-11405197/Mark-Zuckerberg-confirms-Meta-start-laying-workers-TOMORROW.html

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Excellent! Facebook parent Meta planning massive layoffs this week

Excellent! Facebook parent Meta planning massive layoffs this week

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