Reports claim that Meta could lay off more than half of its employees before the end of 2023. A report by The Wall Street Journal said that the company could start the process from this Wednesday.
Meta has about 87,000 people on its payroll and more than 40,000 of them could leave by the time the lay off is over. Facebook and Instagram workers are the ones likely to lose their jobs as the company’s WhatsApp division does not boast that many employees.
Just last week, social media rivals, Twitter, had fired 50% of its employees in a bid to cut down cost and a source said that Meta’s job cuts may be higher than Twitter’s.
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All through 2022, Meta has been seeing its market cap dive lower as its ad business is taking massive hits due to improving privacy policies and technology. The company had attempted other strategies, including freezing hiring and reducing investments in some areas of its business. However, those measures have proven to not be enough.
While the company refused to comment on the report, The Verge said that it directed its correspondents to a previous statement by Mark Zuckerberg which mentioned that some of its teams would likely shrink ahead of 2023.
“In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today,” Zuckerberg had said in October 2022.
Besides the ad business failing, the company’s tunnel vision on the metaverse is causing investors concern as it is still a long way from making money.
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