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After Twitter, Facebook parent Meta prepares for massive layoffs this week: Wall Street Journal reports

Meta Layoffs: Social media company Meta is also going to be laid off and according to the reports it is going to happen this week. Many employees are at risk of losing their jobs - know here.

By Ruchi Upadhyay 
Updated Date

New Delhi: Bad news for the employees of Facebook’s parent company Meta. Mark Zuckerberg’s company claims that layoffs of thousands of employees working there will start from this week. Earlier, Elon Musk has also started laying off employees working in the Twitter company.

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Sorting in Meta will start from this Wednesday
According to a report in the Wall Street Journal, Meta is going to start the process of massive layoffs in the company from this Wednesday i.e. November 9. It has also been said in the report that the impact of this layoff will be on thousands of employees of the company. This move of such a large-scale layoff will be the first time in the history of Meta. At the end of September, the company had informed that a total of 87,000 employees work in Meta.

The stock of Meta has seen a huge decline this year and its shares have come down 73 percent in total. After falling more than its 2016 low, the company’s shares have become the worst-performing stock of the S&P 500 index of US markets. The value of Meta’s shares has come down by about $ 67 billion this year, which has dealt a big blow to the company.

Although the Wall Street Journal was quoted as saying that the company declined to comment on its questions, people with knowledge of the matter say that these layoffs will be on a large scale and there are plans to fire thousands of employees.

Meta is currently grappling with concerns of global economic growth, increasing competition from TikTok, changes in Apple’s privacy policy, huge spending on Metaverse and regulatory concerns that are affecting its business. Due to this, the quarterly results of the company have also been affected and weak results are expected to come in the October-December quarter as well.

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Mark Zuckerberg, chief executive officer of Metaverse, had already said that he expects it to take a decade, or about 10 years, to reap the fruits of the investment made in the Metaverse. Until then, they will need to identify teams to stop hiring, stop new projects and reduce costs.

Several Tech Companies Are On Firing Spree
Several tech companies like Twitter, Amazon, Apple and now Meta have been in the news for their massive layoffs. Here’s the list of tech companies that have cut jobs or seized hiring:

– Amazon has halted “new incremental” hiring across its workforce.

– Apple has “paused almost all hiring”, a decision which could last until late 2023.

– For the first time in history, social media giant Meta is looking at a hiring freeze and potential job cuts.
Last month, Microsoft cut about 1,000 jobs.

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– Twitter sacked 50% of its employees after Elon Musk took control of the micro-blogging site.

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