After Twitter, there is now news of massive layoffs in the social media site Facebook's parent company Meta. According to a report, there are going to be massive layoffs from Mark Zuckerberg's company this week. According to reports, the process of mass layoffs will start on the coming Wednesday i.e. November 9 in Meta. Reports have claimed that thousands of employees of the company will come under the ambit of this process of layoffs. It is being said that this layoff will be the first time in the history of Meta (Facebook). Let us tell you that at the end of September, the company said that a total of 87 thousand employees work in Meta.
Meta shares are down 73 percent this year
Shares of Facebook's parent company Meta have fallen 73 percent so far this year. The company's shares have fallen below their 2016 lows to join the list of the worst-performing stocks in the S&P 500 index. The value of Meta's shares has come down by about $ 67 billion this year, which is no less than a setback for the company.
retrenchment plan ready, just yet to be implemented
There has been no response from the company so far on the reports of layoffs going on in Meta. However, experts believe that these layoffs will be on a large scale. A plan has been made to show the way out to thousands of employees of the company, but now it is yet to be implemented.
Zuckerberg's company is battling with many concerns at once
Let us tell you that Zuckerberg's company Meta is facing many challenges these days. These include global economic growth concerns, increasing competition from TikTok, changes in Apple's privacy policy, huge spending on the metaverse, and regulation. These challenges have also had an impact on the company's quarterly results. Weak results are also expected in the October-December quarter.
Zuckerberg had already indicated layoffs
Mark Zuckerberg, chief executive officer of Meta has already told that it may take a decade for the return of investments made in the company. Then they will have to work on efforts to stop hiring, stop new projects, and reduce costs.
Facebook, WhatsApp, and Instagram are owned by Meta
The new round of layoffs could ease some of the financial woes for Meta. Meta currently owns some of the largest platforms in the world including Facebook, WhatsApp, and Instagram. The company is increasing spending on the metaverse and remains optimistic about the emerging technology's prospects, despite the losses.
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