Meta Platforms Inc. (META) plans to initiate a major layoff this week, according to people familiar with the matter. Tech companies that had grown rapidly during the previous Covid-19 pandemic recently cut staff, and Meta’s layoffs may be among the biggest.
The layoffs, announced on Wednesday, are expected to affect thousands of employees, people said. According to information previously released by Meta, the company had more than 87,000 employees at the end of September. Meta told employees to cancel non-essential travel starting this week, these people said.
The planned cuts would be the first major layoffs in the company’s 18-year history. While Meta’s layoffs are lower than Twitter Inc. (TWTR), which announced last week that it was laying off roughly half of its workforce, Meta’s potential workforce reduction is expected to be the largest of any major. tech company as the tech industry shrinks its spending this year.
A spokesperson for Meta declined to comment. The spokesperson suggested that the Wall Street Journal (The …
