Meta’s reportedly planning to put off ‘thousands’ of employees this week

META is planning key job cuts that will impact “thousands” of employees, taking into account a report from wall street journal, Sources with knowledge of the matter told WSJ So that layoffs can start from Wednesday itself.

The Facebook and Instagram dad or mum firm reported more than 87,000 employees at the end of September, but these “massive” layoffs are expected to eliminate a sizable portion of staff members. according to WSJThe layoffs could hit the meta even harder than the massive job cuts at Twitter, which affected nearly half of the company’s 7,500-employee workforce.

Meta declined to touch the scenario, although told ledge for Zuckerberg’s claim during the firm last month earnings call, “In 2023, we are going to focus our investments on a small number of high priority growth areas,” Zuckerberg noted. “So this means that some teams will grow meaningfully, but most other teams will remain flat or shrink over the next year. Overall, we expect 2023 to end up being either roughly the same size, or as of today. Even a slightly smaller organization in comparison.”

Although Zuckerberg says Facebook has more active users than ever before, buyers are still confused about the company’s costly estimates on the metaverse. Meta’s digital reality arm lost $3.7 billion last quarter and a total of $9.4 billion this year, while the company’s stock is trading at its lowest level since 2016.

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