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Meta, Facebook Parent Company, Will Undergo Mass Layoffs After Twitter

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Recent major layoffs at Twitter resulted in the dismissal of about 50% of its workforce, and now it appears that another social media business will follow suit. According to a Wall Street Journal (WSJ) article, Facebook’s parent firm Meta intends to start making significant layoffs this week. According to Reuters, thousands of employees will be affected by the layoffs, which are expected to be announced as soon as Wednesday.

The depressing news comes as Meta fights a slow global economy, TikTok rivalry, revisions to Apple’s privacy policies, concerns about large spending on the metaverse, and the looming threat of legislation. In June, Meta scaled back its plans to hire developers by at least 30%, while Mark Zuckerberg gave staff advice to get ready for an economic slowdown.

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