Meta wants to lay off thousands of employees

Meta apparently wants to lay off thousands of employees this week. This is reported by several US media unanimously. The reason: The Facebook group is currently struggling with massive losses. The Meta share lost over 30 percent.

Facebook parent company Meta is currently in crisis. The company is struggling with growing losses. The so-called Metaverse in particular is now devouring billions without generating any significant income. The shareholders therefore recently punished the company – the Meta share lost over 30 percent in value.

Meta apparently wants to lay off thousands of employees

Due to his metaverse strategy, CEO Mark Zuckerberg is no longer undisputed. He recently announced austerity measures including a hiring freeze and layoffs. As the Wall Street Journal (WSJ) now reports, citing insiders, that the company plans to start mass layoffs as early as this week.

Accordingly, the Facebook group wants to lay off several thousand of its 87,314 employees. Some employees have already been asked to cancel non-essential travel this week. Meta itself has not yet commented on the reports. However, according to the WSJ, an announcement is expected on Wednesday, November 9, 2022.

Layoffs in the tech industry

Meta has been struggling with financial problems for months. The company is therefore trying to generate new sources of income and reduce its costs. However, despite the inflation, the Facebook group also invested more and more money in its metaverse.

With the upcoming layoffs, the company joins a list of numerous tech companies that have massively cut staff due to the current economic situation. For example, Elon Musk laid off half the workforce after taking over Twitter. But Microsoft and Intel are also massively cutting jobs.

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