Facebook owner Meta to cut thousands of jobs this week

Meta plans to begin mass layoffs that will affect thousands of workers starting this week and will add to Silicon Valley’s mounting job losses.

The Facebook owner could begin layoffs as early as Wednesday, the Wall Street Journal reported. It has already told staff to cancel non-essential travel starting this week.

In September, Chief Executive Mark Zuckerberg outlined plans to reorganize teams and reduce headcount for the first time since a sharp slowdown in growth. He said Meta will likely be smaller in 2023 than it is this year.

It comes after Twitter cut nearly 3,700 jobs last week as Elon Musk wields the ax following his $44bn (£38bn) takeover of the social media company.

Meta struggles with mounting losses as it invests heavily in its Metaverse push. Its shares have lost nearly three-quarters of their value this year.

https://www.telegraph.co.uk/business/2022/11/07/facebook-owner-meta-cut-thousands-jobs-week/ Facebook owner Meta to cut thousands of jobs this week

Russell Falcon

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