Meta Plans to Lay Thousands of Employees

On Twitter, which officially became Elon Musk’s company on October 28 a major layoff had happened. While thousands of Twitter employees suddenly lost their jobs, a similar news came from another giant platform today.

Parent company of Facebook, WhatsApp and Instagram Meta Platforms Inc.’s It was shared that he will make a large-scale layoff this week. Information obtained by The Wall Street Journal through various sources will cover thousands of employees towards.

Employees were told not to travel:

According to details shared by the Wall Street Journal, the company told its employees not to make “unnecessary” trips this week in preparation for layoffs. It was shared that layoff announcements will be sent to employees starting Wednesday.

If the allegations are true, this will be the first major layoff in Meta’s 18-year history. Meta, in the report it shared last September to 87 thousand employees declared that he had The company did not make any statements about the allegations.

So why would Meta lay off its employees?

While there is no definitive answer to this question, one of the biggest possibilities is that the company has yet to reap the rewards of its investment in the metaverse. Meta has invested $15 billion in the project since the start of 2021 alone, but has not been successful in today’s ventures like Horizon Worlds. Of course, the market value of the company lost its life during this process, Shares lost 70% of their value.

While all these projects and loss of money continue, the company More than 15 thousand new employees in total in the first 9 months of this year alone he hired. This number was 27 thousand in 2020 and 2021 in total. Meta’s loss of money, failure to satisfy users and failure of their projects also led to complaints from shareholders.

We saw the biggest example of this last month. In an open letter to Zuckerberg, investment firm Altimater Capital advised him to reduce headcount and give up his passion for the metaverse. While the second advice doesn’t seem to have much repercussions, the first advice seems to have met.