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Facebook owner Meta prepares to lay off thousands of employees

Facebook owner Meta prepares to lay off thousands of employees

Facebook owner Meta is reportedly planning to slash thousands of jobs following the global economic downturn.

$80 billion was wiped off the market value by investors after Facebook’s owner Mark Zuckerberg reported disappointing third-quarter results and warned that staffing might fall.

He said: "In 2023, we're going to focus our investments on a small number of high-priority growth areas.

“So 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 Wall Street Journal newspaper had announced on Sunday (06.11.22) that the proposed job cuts will affect a large portion of the tech giants 87,000 employees worldwide.

Despite Meta being valued at $270 billion last month - compared to $1 trillion in the previous year - with the company’s metaverse division, Reality Labs making a $3.7bn loss over the past three months, Zuckerberg was convinced there would be a turnaround from the bear market.

He said: “Over time, these are going to end up being very important investments for the future of our business.

“This is some of the most historic work we’re doing. People are going to look back on [this] decades from now and talk about the importance of the work that was done here.”

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