(NewsNation) — Thousands of employees at Meta, formerly known as Facebook, could soon lose their jobs, according to a report from the Wall Street Journal.
According to the report, the tech giant is expected to begin large-scale layoffs as soon as this week.
It almost sounds like “Attack of the tech companies” as the news comes on the heels of major job cuts at other big social media platforms.
Yesterday, NewsNation reported on the layoffs at Twitter.
And now, according to the Wall Street Journal, Meta is preparing to control, alt, delete a substantial part of its workforce.
It would be the largest round in a recent string of tech job cuts.
During the pandemic, the tech industry saw rapid growth and profit to their bottom line. But the end of mandatory lockdowns and a return to the office for many has put the brakes on the runaway tech train.
Meta shares are down roughly 73% over the last year and there are reports that some investors are concerned about Meta’s expensive bet on the metaverse.
The layoffs are expected to affect 1000s of employees and an announcement is planned to come as soon as Wednesday.
In September. Meta reported more than 87,000 employees. The cuts could be the largest workforce reduction by a tech company this year, surpassing the layoffs made by Twitter last week.
The cuts would also represent the first broad restructuring in Meta history.
Meta declined NewsNation’s request for comment, instead asking us to refer to a statement CEO Mark Zuckerberg made during the company’s third-quarter earnings call.
“In 2023, we’re going to focus our investments on a small number of high-priority growth areas,” Zuckerberg said. “So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size or even a slightly smaller organization than we are today.”