With fallen stock levels and mounting expenses this year, Mark Zuckerberg’s Meta is planning large-scale layoffs, come Wednesday.
In an effort to follow Twitter’s recent example to cut costs, Facebook is planning to cut costs by at least 10% in the coming months.
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Staff reductions are a suggested plan for Google, Twitter and now Meta, Facebook’s parent company.
Meta is expected to clarify it’s position on the rumored announcement on Wednesday.
Tech industry retrenchment is a word circulating among tech companies such as Google, Twitter and now Facebook as a large set of employees are expected to be shown the door, come Wednesday.
The layoffs will affect thousands of employees while Meta contends with slow global economic growth and reported massive spending on the Metaverse.
While Zuckerberg hangs on to the Metaverse vision to bare fruit, staff hiring has been put on pause with employees who travel reportedly asked to pause unnecessary travel.
With Meta’s investor confidence buckling, a streamlined strategy to cut jobs in order to reduce capital expenditure seems like the go-to plan the platform will most likely pivot towards.
The layoffs which most likely will impact thousands, follows that of Twitter after the platform gutted employee numbers at the firm to a fraction.
In an impersonal email Twitter employees were informed of their employment status, with several employees waking to find their employment access to the company revoked.
Staff have not taken the news laying down as staffers have launched a class action lawsuit against Twitter for improper legal practices.
Google has also touched on job cuts with Apple and Amazon on a temporary job hiring freeze.
Google has let go of Google hangouts, signaling a downturn for employees.
Also read: Apple: Here’s what you will soon say instead of ‘Hey Siri’
