Meta Inc. is also planning a “massive layoff” of workers

Starting Wednesday, Meta could begin laying off a huge number of staff, credible sources with knowledge about the issue told Wall Street Journal. This was disclosed yesterday Sunday, with confirmation that the dismissal would be massive and might affect “thousands” of employees.

The company reported about 87,000 employees at quarter three of business, however with the allegedly planned layoffs a big chunk of the company’s workforce will be reduced; the Wall Street Journal noting that the impact would be more severe than the recent mass layoffs at Twitter.

This follows a serious times” Meta’s chief product officer Chris Cox issued to the company’s members of staff in June. He had earlier stressed the importance of executing perfectly in an environment of slower growth.

Around the same time, Mark Zuckerberg, CEO of Meta, began to increase pressure on staff, claiming in an internal Q&A session that “there are definitely a bunch of individuals at the company who shouldn’t be here.”

Just recently, the CEO had to freeze hiring new members of staff and hinted that the company would likely lay off workers.

Given that Meta has to deal with slow global economic development, rivalry from TikTok, privacy changes from Apple Inc., worries about large spending on the metaverse, and the ever-present danger of legislation, its future is quite gloomy.

Mark Zuckerberg has also said that it will take roughly a decade for the company’s efforts in the metaverse to start paying off. Therefore, by “freezing” hiring, cancelling projects, and restructuring his workforce, the CEO’s plan is a move to reduce expenses.

“In 2023, we’re going to focus our investments on a small number of high priority growth areas. 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” Zuckerberg said on the last earnings call in late October.