Floor Meta Platforms Inc. To initiate layoffs that will affect thousands of workers starting this week, according to the Wall Street Journal, citing sources, and seen by Al Arabiya.net.
The newspaper said the layoff could come next Wednesday, noting that the company has already asked employees to cancel non-essential travel this week.
In September, the company’s chief executive, Mark Zuckerberg, outlined plans for the first time to reorganize teams and reduce employee numbers, after a sharp slowdown in growth at the parent company of “Facebook” and “Instagram. “.
Zuckerberg said at the time that the “meta” will likely be smaller in 2023 than this year.
The “Wall Street Journal” report stated that the layoffs should affect thousands of employees and this move will represent the first significant reduction in the number of employees in “Meta” history.
At the end of September, the company reported having more than 87,000 employees.
Meta shares have fallen 73% this year, falling to their lowest levels since the beginning of 2016.
The social media giant is now the worst performing S&P 500 in 2022.
