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 had said that a total of 87 thousand employees work in Meta.
Shares of Meta have fallen by 73 percent this year, shares of Facebook's parent company Meta have fallen by 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.
The layoff plan is yet to be implemented, till now there has been no response from the company on the reports of layoffs going on in the 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, now it is yet to be implemented.
Zuckerberg's company is battling with many concerns at the same time
Zuckerberg had already hinted at layoffs
Meta Chief Executive Officer Mark Zuckerberg has already told that it may take a decade to return the investment made in the company. Then they will have to work on efforts to stop hiring, stop new projects and reduce costs.