WSJ says layoffs at Meta for Parents on Facebook
Facebook’s parent Meta platform is planning to begin layoffs that will affect thousands of workers from this week, the Wall Street Journal reports.
Facebook’s parent company is Meta Platforms Inc. is planning to begin laying off thousands of workers from this week, the Wall Street Journal reported, citing people with knowledge of the matter.
The newspaper said job cuts could come as early as Wednesday. The company has asked employees to cancel non-essential travel from this week, according to report.
Managing director Mark Zuckerberg in September first outlined plans to reorganize teams and reduce headcount, after growth slowed at the parent company of Facebook and Instagram. Zuckerberg says that Meta will likely be smaller in 2023 than it did this year.
The layoffs come as Meta struggles with growing losses and as it invests heavily in growing its metaverse business. Its shares are down 73% this year.
The cuts will increase job losses in Silicon Valley. Twitter Inc. last week cut nearly 3,700 positions after Elon Musk completed a $44 billion acquisition of the social media platform. Other companies that have also cut workforces or announced plans include ride-hailing company Lyft Inc. and hard drive maker Seagate Technology Holdings Plc.
A spokesperson for Meta declined to comment to the WSJ.