Meta prepared to terminate hundreds of staff this week
The Wall Street Journal reports that Meta, Facebook’s parent company will lay off hundreds of staff this week.
Meta plans to let off thousands of staff in the second week of November, according to the Wall Street Journal, citing sources with knowledge of the situation.
With more than 87,000 workers, the layoffs at Meta might be among the greatest at a global technology company.
Two months have passed since Meta announced a hiring freeze in September. The company said it would reduce expenses by 10% owing in part to worker reductions.
Meta is hardly the only company reducing employees. The first week of November saw layoffs at web3 companies Bitmex, Dapper Labs, and Mythical Games. A number of other IT companies have reduced headcount in response to the challenging economic climate.
After doubling down on its metaverse efforts in October 2021, Meta has struggled to make its economic strategy centred on the metaverse a success. Reality Labs, the metaverse division of Meta, lost $3.7 billion in the third quarter of this year and $9.4 billion so far this year.
According to the WSJ, the business has also fallen short of its user count expectations for its flagship Horizon Worlds effort.
Also Read: Sam Bankman-Fried Explains Why FTX Declined To Fund Twitter’s Acquisition