-
- Published: November 7, 2022 09:24
New Delhi: Days after Twitter layoffs, now Meta Platforms Inc is also planning to begin large-scale layoffs this week, the Wall Street Journal reported on Sunday citing people familiar with the matter, with an announcement planned as early as Wednesday.
However, Meta declined to comment on the WSJ report about large-scale layoffs.
In October, Facebook parent Meta had forecasted a weak holiday quarter and significantly more costs next year (2023) wiping about $67 billion off Meta’s stock market value.
Facebook Chief Executive Mark Zuckerberg said in order to trim costs he has had to freeze hiring, reorganize teams, and shutter projects.
He also said he expects the metaverse investments to take about a decade to bear fruit.
In June this year, the company had plans to cut the hiring of engineers by at least 30 percent. He had also warned employees to brace for an economic downturn.
Earlier, Meta’s shareholder Altimeter Capital Management had said to Mark Zuckerberg in an open letter that the company needs to streamline by cutting jobs and capital expenditure, they also added that Meta lost investor confidence as it ramped up spending and pivoted to the metaverse.
Twitter Layoffs
Tesla CEO Elon Musk said he had defended his decision over layoff of Twitter employees, he said that the micro-blogging site was losing more than USD 4 million per day.
The firing of employees comes days after Elon musk’s purchase of Twitter for USD 44 billion was completed last week and on the same day including the chief executive Parag Agrawal and several others.
