Facebook parent Meta preparing large-scale layoffs this week
On Sunday, Wall Steet Journal reported that, Meta Platforms Inc. is planning to begin large-scale layoffs this week that will affect thousands of employees. This announcement was planned as early as Wednesday. Facebook parent Meta in October forecasted a weak holiday quarter and significantly more costs next year wiping about $67 billion off Meta’s stock market value, adding to the more than half a trillion dollars in value already lost this year. Chief Executive Mark Zuckerberg said, he has had to freeze hiring, shutter projects and reorganize teams to trim costs.
