Meta Plans to Lay Off Thousands of Employees Starting This Week: Report
billion users on WhatsApp. The company had actually been on a hiring spree over the past three years, with over 37,000 new hires since the start of 2020, according to the Wall Street Journal.
The move would be the first mass layoffs in the history of the company, which recently rebranded itself as Meta in an effort to focus on CEO Mark Zuckerberg’s grand vision for the metaverse. But that vision has not been well executed, according to reports from , where Meta’s product developers don’t even want to use the metaverse. Most people who visit Horizon Worlds don’t return, according to the Wall Street Journal.Reports from September indicated that Meta planned to cut expenses by about 10%, but it’s not clear how much of that would be in the form of headcount reduction. Meta had a marketcap of roughly $1 trillion in September of 2021 back when it was known as Facebook. The company’s current market cap is just $240 billion.
The U.S. tech sector has seen several layoffs in recent weeks, with Stripe laying off 14% of its 8,100 employees and Twitter firing about 50% of its employees after Elon Musk took over. Netflix, Spotify, and Shopify have also seen big staff reductions in recent months.Two licenses for the LOWEST price.
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