​Meta (Facebook) will make mass layoffs for the first time and lay off many thousands of employees, the Wall Street Journal writes, adding that the announcement could take place on Wednesday. Meta has 87,000 employees and its share price has fallen 70% this year.
Facebook is hiring, expanding its workforce by 27,000 in 2020 and 2021 and by 15,000 in the first nine months of 2022. Now, for the first time, he is going to announce mass layoffs.
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Past statements by company executives indicate that things are not going very well and that savings are needed. Meta’s market value has fallen 70% this year, and things went downhill after Facebook rebranded Meta and announced it would focus on Metavers, a virtual environment that was known to never succeed.
Facebook has a market capitalization of $243 billion and in September 2021 it was over $1 trillion.
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Source: Hot News RO
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