We’ve heard a lot about the Twitter spree and how thousands of people were told to leave the corporation through a simple email that sealed their fate.
But you’ll be shocked to learn that it’s not the only tech giant coming up with this decision. Facebook’s parent company, Meta, is also gearing up for a major layoff spree that could leave thousands of people out of a job. The news was recently revealed by the Wall Street Journal.
These layoffs could potentially affect many people who have served the corporation for years, the report went on to explain. Therefore, it would mark this as the first downsizing that has occurred in the company’s history.
Last September, we heard about the firm reporting a number of around 87,000 employees as part of their workforce. But this is expected to decrease significantly.
At the moment there is no comment from Meta’s spokesperson on this matter. Instead, he shifted the subject and focused more on the firm’s earnings report that came out late last month.
In 2023, we are all set to focus on investments related to a small number of high-priority areas related to growth. Therefore, some teams would end up growing significantly, but other teams would stay flat and even shrink from the previous year. Overall, the end of 2023 is the year to watch out for. We may see the same size or a smaller Meta than what is visible today.
As Meta says, 2023 is the year of investments for the firm. They hope to expand into areas they call high priority. This means that some teams will expand, while most of the rest will either stay flat or shrink further in the coming year.
Let’s not forget how Meta’s shares have fallen by nearly 73% this year. And that’s probably the lowest we’ve seen since early 2016.
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