(Source from Reuters/Alamy)Following Twitter, which recently fired about 50% of its employees, Facebook’s parent company Meta Platform (hereinafter referred to as Meta) will conduct a large-scale reduction, the Wall Street Journal (WSJ) reported on the 6th (local time).
Citing sources familiar with the issue, the WSJ said Meta will lay off thousands of employees as early as the 9th.
As of September, the total number of employees at Meta was reported to be 87,000.
WSJ explained that if such a cut is actually made, it will be the first large-scale cut in meta’s 18-year history.
META officials have reportedly already informed employees to cancel unnecessary travel this week.
A spokesman for Meta did not comment on this.
However, spokesman Lee cited that CEO Mark Zuckerberg recently said, “We will focus our investment on a small number of high-priority growth areas.”
“Some teams will grow significantly, but most other teams will remain or shrink over the next year,” CEO Zuckerberg said in a third-quarter earnings announcement on the 26th of last month. “Overall, we expect to end 2023 with roughly the same or slightly smaller organizations.”
In September this year, WSJ reported that Meta is planning to cut costs by at least 10% over the next few months through job cuts.
Like other tech giants, Meta has been increasing its size by hiring 27,000 new people between 2020 and 2021, and hiring 15,000 additional people by September this year while enjoying online specialties during the COVID-19.
However, stock prices have fallen 70% this year as Chinese video sharing app TikTok has struggled with intensifying competition and hitting advertising orders amid the recent global economic recession.
KS CHOI
ASIA JOURNAL
