Facebook Layoffs: The sword hanging on Meta’s employees, layoffs in the company will start this week – report

Facebook Layoffs: Social media is bad news for the employees of Facebook’s parent company Meta. Mark Zuckerberg’s company claims that layoffs of thousands of employees working there will start from this week. Earlier, Elon Musk has also started laying off employees working in the Twitter company.

Sorting in Meta will start from this Wednesday
According to a report in the Wall Street Journal, Meta is going to start the process of massive layoffs in the company from this Wednesday i.e. November 9. It has also been said in the report that the impact of this layoff will be on thousands of employees of the company. This move of such a large-scale layoff will be the first time in the history of Meta. At the end of September, the company had informed that a total of 87,000 employees work in Meta.

Meta shares fell heavily this year
The stock of Meta has seen a huge decline this year and its shares have come down 73 percent in total. After falling more than its 2016 low, the company’s shares have become the worst-performing stock of the S&P 500 index of US markets. The value of Meta’s shares has come down by about $ 67 billion this year, which has dealt a big blow to the company.

Thousands of employees will be employed
Although the Wall Street Journal was quoted as saying that the company declined to comment on its questions, people with knowledge of the matter say that these layoffs will be on a large scale and there are plans to fire thousands of employees. has become.

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Why has this decision taken in meta?
Meta is currently grappling with concerns of global economic growth, increasing competition from TikTok, changes in Apple’s privacy policy, huge spending on Metaverse and regulatory concerns that are affecting its business. Due to this, the company’s quarterly results have also been affected and weak results are expected to come in the October-December quarter as well.

Mark Zuckerberg had already indicated layoffs
Mark Zuckerberg, the chief executive officer of Metaverse, had already said that he expects it to take a decade, or about 10 years, to reap the fruits of the investment made in the Metaverse. Until then, they will need to identify teams to stop hiring, stop new projects and reduce costs.

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