Meta plans massive layoffs after Twitter slashes workforce by half
Reports say that this could be the largest round of job cuts in the tech industry
Close on the heels of the massive layoffs at Twitter, social media giant Meta is reportedly planning to sack a large number of its employees this week.
According to media reports, this could be the largest round of job cuts in the tech industry since the company has a workforce of 87,000 employees.
It's also the first mass layoff to occur in the company's history. Like Twitter, thousands could be affected by Meta's decision. The company is planning to make the announcement as soon as Wednesday, say news reports. Officials have already asked employees to suspend nonessential travels this week.
The Facebook parent global revenue fell 4% in Q3, despite its India arm posting 74% growth in gross ad revenue. Total sales, most of which come from ads, were $27.17 billion, down roughly 4% a year ago.
The company has been to compete with TikTok and has invested heavily in its short-form video content product Reels, but its monetization is still challenging for the company.
In June, CEO Mark Zuckerberg ominously told employees at a company-wide meeting that "there are probably a bunch of people at the company who shouldn't be here."
