There Might Be A New Tech Villain In Town, Meta Could Begin Large-Scale Layoffs This Week

There Might Be A New Tech Villain In Town, Meta Could Begin Large-Scale Layoffs This Week

There Might Be A New Tech Villain In Town, Meta Could Begin Large-Scale Layoffs This Week
There Might Be A New Tech Villain In Town, Meta Could Begin Large-Scale Layoffs This Week
Retail Bum

Retail Bum

Retail Bum

Retail Bum

Following StripeLyft and Twitter layoffs, the tech industry could have a new CEO to villainize.

According to the Wall Street Journal, Meta could begin large-scale layoffs as soon as Wednesday, impacting thousands of employees.

The layoffs could go down in the books as Meta’s first major headcount reduction. 

“In 2023, we’re going to focus our investments on a small number of high-priority growth areas,” said CEO Mark Zuckerberg during the company’s latest earnings call last month.

"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 news comes at a time when Meta is continuing to see its stock value slip, with shares declining by 73% this year alone — falling to its lowest since 2016. Meta has also been the worst-performing stock in the S&P 500 in 2022.

As of September 2022, the tech giant had more than 87,000 employees.

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