Mark Zuckerberg founder of Meta and Facebook, confirmed a few hours ago the start of mass layoffs at his company, less than a week after Twitter laid off more than half of its workforce.
According to a Business Insider report, the founder of Facebook told executives at a meeting held today November 8th that extensive cuts will be announced, and that hiring and business teams will suffer losses.
With this action, Mark Zuckerberg will follow the example of Elon Musk new owner of Twitter, and will start to fire to a large part of the employees of Meta starting tomorrow, Wednesday, November 9.
According to reports, employees are expected to be informed of the cuts in an email which will be sent to the entire company at 6 am Eastern time on Wednesday. This measure is expected to affects thousands of employees worldwide.
The cuts come after the company suffered a huge loss of market value and a drop in revenue, with a stock decline 70 percent.
The confirmation of the job losses comes on the heels of growing speculation that Meta was prepared to announce massive headcount cuts of up to 10%.
Lower than on Twitter
Meta, owner of Facebook, Instagram and WhatsApp, has about 87 thousand employees so a 10% cut would more than double Twitter’s loss of staff.
Before the reductions, Twitter had approximately 7,500 employees which means that the deep cuts led to the departure of about 3,700 workers.
Melissa Galbraith is the World News reporter for Globe Live Media. She covers all the major events happening around the World. From Europe to Americas, from Asia to Antarctica, Melissa covers it all. Never miss another Major World Event by bookmarking her author page right here.