In light of rumors of a global economic recession, Meta Platforms Inc., the parent corporation of Facebook, is currently preparing for significant layoffs. This information was provided in one of The Wall Street Journal’s reports. In the Journal, quotes from people familiar with the situation were used to report this information.
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According to the newspaper’s story, job layoffs might start as soon as Wednesday. The corporation has reportedly already requested that staff cancel any non-essential travel plans for this week. In a statement to the Wall Street Journal, a Meta spokeswoman declined to comment.
The plan for layoffs was created in September by CEO Mark Zuckerberg. In response to the key sites Facebook and Instagram’s slowing growth, the plan called for restructuring teens and lowering headcount. It’s possible that the meta in 2023 will be smaller than it is this year, Zuckerberg continued.
What is the reason for layoffs?
The use of meta products is widespread worldwide. Facebook, Instagram, and WhatsApp are a few of these. However, the corporation has had to make significant investments in the Metaverse industry in an effort to elevate the Internet. The investment’s expected rewards have not yet begun. The business is challenging to grow in such a circumstance.
The severe recession in the US stock markets, on the other hand, has caused a significant decline in the price of Facebook (Meta) shares. The company’s shares have fallen by nearly 73 percent over the past year. The value of Mark Zuckerberg has decreased in a comparable way.
The jobs crisis in Silicon Valley
Reduced headcount will make the Silicon Valley employment issue worse. After Elon Musk successfully finalized a $44 billion takeover of the social media network, Twitter Inc. last week closed nearly 3,700 positions. Lyft Inc., a ride-hailing company, and Seagate Technology Holdings Plc, a producer of hard drives, are two additional businesses that have downsized or plan to reduce their staff (Seagate Technology Holdings Plc.).
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