After Twitter, now the employees of this social media site fell on the job
Mark Zuckerberg’s company claims to lay off thousands of employees from this week
More than half the employees lost their jobs after the recent acquisition of social media site Twitter by Musk. Now social media is bad news for employees of Facebook’s parent company Meta. Mark Zuckerberg’s company has claimed to lay off thousands of employees from this week. Earlier, Elon Musk has also started laying off employees working in the Twitter company.
layoffs on wednesday
According to a report in the Wall Street Journal, Meta is going to start the process of massive layoffs at the company from this Wednesday, November 9. The report also said that the layoffs will affect thousands of employees of the company. Such a huge layoff decision will be the first time in the history of Meta. At the end of September, the company reported that Meta had a total of 87,000 employees.
Meta stocks have fallen heavily this year
Meta’s stock has seen a huge decline this year, with its shares falling 73 percent in total. The company’s shares have become the worst-performing stocks in the S&P 500 index of US markets. This year, Meta’s share price has fallen by about $ 67 billion, which has dealt a big blow to the company.
Thousands of employees will lose their jobs
Although the Wall Street Journal was quoted as saying that the company declined to comment on its questions, people with knowledge of the matter said the layoffs would be massive, with plans to lay off thousands of employees. Meta is currently grappling with global economic growth concerns, increased competition from TikTok, changes to Apple’s privacy policy, heavy spending on the Metaverse, and regulatory concerns affecting its business. This has also affected the company’s quarterly results and poor results are expected in the October-December quarter as well.
Mark Zuckerberg had already indicated layoffs
Metaverse CEO Mark Zuckerberg has already said that he expects it to take a decade, or about 10 years, to recoup his investment in the Metaverse. Until then, they will have to stop hiring, put on hold new projects and identify teams to cut costs.
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