After Twitter last week, Facebook is reported to be laying off thousands of workers as early as this week. According to the WSJ report, action was taken as early as this Wednesday and it was the first time in the company that a large-scale workforce reduction was done.
Meta has more than 87,000 employees at the end of September 2022. The workforce reduction is among the measures taken to reduce operating costs by up to 10% per month that Zuckerberg previously announced.
The company's stock value has plunged more than 70% since Facebook changed the company's name to Meta with a focus on Metamesta and not just social media. Revenue and number of users have also decreased lately due to ATT barriers on iOS devices as well as challenges from TikTok.
Meta's move to reduce the workforce is to be expected with other major technology companies in the world continuing to freeze staff additions as the world is predicted to experience a recession next year.
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