Facebook parent Meta could begin large-scale layoffs as soon as Wednesday, according to a report from the Wall Street Journal.
The report stated that thousands of employees would be affected by the layoffs, making it the largest reduction in Meta’s workforce ever. The number of workers at the firm exceeded 87,000 as of the end of September.
“In 2023, we’re going to focus our investments on a small number of high priority growth areas,” Mark Zuckerberg said previously. “That means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.”
The stock price of Meta has dropped 73% this year, to its lowest level since early 2016. As a result, Meta is the worst performance in the S&P 500 thus far in 2022.