Highlights:
- Facebook is expected to begin large-scale layoffs.
- The company reportedly has more than 87,000 employees
- The layoffs will mark the first major downsizing in Meta’s history
According to a report from the Wall Street Journal, Facebook is expected to begin large-scale layoffs.
The layoffs will impact thousands of employees, and mark the first major headcount reduction in the history of Meta. The company had more than 87,000 employees at the end of September.
Zuckerberg’s Statement
While there hasn’t been a direct comment on the matter, Zuckerberg recently stated that by 2023, the company will focus its investments on a small number of high-priority growth areas.
He further added that some teams will grow meaningfully, but others will either stay flat or shrink. He explained that he expects to end 2023 at either the same size or at a smaller size compared to the current scale of the organization today.
Meta’s Shares Decrease by 73%
This year hasn’t been great for Meta as its shares have decreased by 73%, falling to their lowest since early 2016. The social media giant is currently the worst performer in the S&P 500 in 2022.
