Meta Platforms, the parent company of social networking site Facebook, which is looking to cut costs after heavily investing in its new “metaverse” plan, could announce major job cuts within a week. The layoffs, which are expected to affect thousands of workers, could begin as early as Wednesday. But last month, parent company Meta was forecasting a weak fourth quarter as well as a big increase in spending next year, both of which contributed to a sharp decline in its market value of about $67 billion above the half-trillion-plus mark. have been removed since the beginning of the year until today. The outlook is bleak as the group founded by Facebook founder Mark Zuckerberg is already grappling with a global economic slowdown, competition from the short-form video platform TikTok, privacy changes from Apple, concerns about the huge costs of venturing into a digital system called the Metaverse. . “and the constant threat of increased regulation. Mark Zuckerberg, who is also the CEO of Meta, expects the investment in the transition to the “metaverse” to pay off in about a decade. In the meantime, he has to freeze recruitment, stop projects and reorganize teams to cut costs.

Facebook’s parent company is likely to announce significant job cuts within a week.

“In 2023, we will focus our investments on a small number of priority growth areas. This means that some groups will grow substantially, but most will remain the same or shrink over the next year. Overall, we expect the group to be either about the same size as it is today or slightly smaller by the end of 2023,” Mr. Zuckerberg said during the announcement of the latest results in late October. Finally, the process of downsizing began in June, when the businessman cut his planned hiring of engineers by at least 30% and warned his workers to brace for the economic downturn.