After Twitter, META Zuckerberg’s plan to lay off thousands of employees
Sci-Tech

After Twitter, META Zuckerberg’s plan to lay off thousands of employees

Meta, Mark Zuckerberg’s company that owns Facebook and Instagram, plans to begin mass layoffs this week that will affect thousands of employees, the Wall Street Journal reported, and it will be officially announced as early as Wednesday. The company declined to comment on this.

Last month, Meta predicted a weak third quarter of the year and a sharp increase in costs next year, which would wipe about $67 billion from the company’s market value. That adds to losses of $500 billion so far this year.

The disappointing results are due to sluggish global economic growth, competition from TikTok, concerns about massive spending in the metaverse and ever-present threats of regulation. CEO Mark Zuckerberg expects investments in the metaverse to pay off within a decade. Meanwhile, new hires are frozen, projects are halted and the team must be reorganized to cut costs.

This comes just days after Twitter laid off about half of its 8,000 employees and there were also job cuts at Snapchat.