Word of Meta’s expected massive cuts was reported late last week, days after Twitter’s latest cuts.
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Author’s note
This article is based on corporate postings and accredited media reports. Information linked within this article is attributed to the following media: WSJ.com and CNN.com.
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On Nov. 7, NewsBreak published “Facebook’s parent company reportedly announcing mass layoffs this week, days after Musk’s Twitter cuts,” my article outlining the company’s expected layoffs.
The article cited a November 6 Wall Street Journal report that broke the news of Meta’s expected cuts. His article, “Meta prepares to notify employees of large-scale layoffs this week,” said: Meta Platforms is planning to begin large-scale layoffs this week, according to people familiar with the matter, in what could be the largest round in a the latest wave of tech job cuts after the rapid growth of the industry during the pandemic. The cuts are expected to impact thousands of employees and an announcement is scheduled to come Wednesday, according to People. Meta reported over 87,000 employees at the end of September.
The Wall Street Journal article went on to report that company officials had already told employees to cancel non-essential travel starting this week.
Today, news broke of over 11,000 layoffs issued by the company, representing over 13% of its workforce.
Let’s explore further.
Target, 2022
This morning, CNN.com published “Facebook Parent Company Meta to Lay off 11,000 Employees,” which reported the following: Facebook’s parent company Meta said Wednesday it will lay off 11,000 employees, marking the most significant job cuts in the tech giant’s history. The job cuts come as Meta faces a number of challenges to its core business and makes an uncertain and costly bet to return to the metaverse. It also comes amid a spate of layoffs at other tech firms in recent months as the high-flying sector reacts to high inflation, rising interest rates and fears of a looming recession.
One of the tech firms referenced includes Elon Musk’s Twitter, which recently laid off roughly 50% of its workforce, though some have been rehired.
Meta owner Mark Zuckerberg wrote, regarding his mass layoffs: “Today I’m sharing some of the most difficult changes we’ve made in Meta’s history,” CEO Mark Zuckerberg wrote in a blog post for employees. “I have decided to reduce the size of our team by approximately 13% and let more than 11,000 of our talented employees go.”
It is not yet known if further Meta cuts are expected.
Conclusion
While the changes abound, social media experts are debating the latest changes to their favorite platforms and their potential effectiveness.
In the event of relevant updates on these matters – as they pertain to Meta and other technology firms – I will share them here on NewsBreak.
Thanks for reading.
