Facebook (META) will begin large-scale layoffs this week, according to the Wall Street Journal.
The layoffs could start as early as Wednesday.
META currently has 87,000 employees and thousands of them are reportedly on the chopping block.
From the Wall Street Journal:
Inc. META 2.11%increase; green up pointing triangle is planning to begin large-scale layoffs this week, according to people familiar with the matter, in what could be the largest round in a recent spate of tech job cuts after the industry’s rapid growth during the pandemic.
The layoffs are expected to affect many thousands of employees and an announcement is planned to come as soon as Wednesday, according to the people. Meta META 2.11%increase; green up pointing triangle reported more than 87,000 employees at the end of September. Company officials already told employees to cancel nonessential travel beginning this week, the people said.
META-Facebook shares were down more than 24% a couple of weeks ago on a weak Q4 forecast and earnings collapse.
Mark Zuckerberg’s fortune has taken a major hit.
Via Bloomberg:
Mark Zuckerberg’s fortune plunged by $11 billion after his Meta Platforms Inc. reported a second-straight quarter of disappointing earnings, bringing his total wealth loss to more than $100 billion in just 13 months.
Zuckerberg, 38, now has a net worth of $38.1 billion, according to the Bloomberg Billionaires Index, a stunning fall from a peak of $142 billion in September 2021. While many of the world’s richest people have seen their fortunes tumble this year, Meta’s chief executive officer has seen the single-biggest hit among those on the wealth list.
Meta’s revenue fell 4.5% from a year ago, the second consecutive quarterly drop, after never posting declining sales prior to 2022. Meanwhile, the social media platform faces ballooning costs as it funds its version of virtual reality. Shares of Meta opened 25% lower Thursday in New York. The stock price of about $100, the lowest since 2016, compares with $382 at its peak.
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