The tech industry is going through turmoil right now. Twitter just laid off thousands, nearly 50 per cent of its staff in a recent layoff, and blamed revenue drop for it. Following Elon Musk’s Twitter is Mark Zuckerberg’s Meta that is set to layoffs some of its employees. Zuckerberg didn’t confirm the number of employees he plans to fire, but he did hint that the layoffs would begin soon. Reports suggest that the layoffs at Meta will begin starting today.
As reported by the Wall Street Journal, Meta Platforms will begin laying off some of its employees starting Wednesday. CEO of Meta Platforms, Zuckerberg, reportedly revealed layoff plans to hundreds of executives on Tuesday during an internal meeting. It is also said that during the meeting Zuckerberg took the entire blame and said that he is accountable for the company’s missteps. He further added that his overoptimism about growth led to overstaffing.
While the company hasn’t confirmed the number of employees it plans to fire, a report last week stated that Meta will ask thousands of employees to leave the company. According to The Washington Post, Meta’s job cuts could be relatively smaller on a percentage basis than Twitter’s job cuts but the number of employees expected to lose jobs could be “largest to date at a major technology corporation in a year that has seen a tech-industry retrenchment”. Currently, Meta Platforms together have around 87,000 employees.
A Meta spokesperson recently said that going forward the company will focus on “investments on a small number of high priority growth areas.” Meanwhile, senior managers have reportedly told employees to cancel nonessential travel beginning this week.
Back in August, when the company reported drop in revenue for two straight financial quarters, Zuckerberg told employees in a meeting that a “bunch of people at the company who shouldn’t be here.”
Musk recently laid off more than 3000 employees globally, including nearly 90 per cent of employees working from India. Reports suggest that Twitter India employed 200 people, out of which around 20-25 have been retained. Meanwhile, some reports suggest that the company fired some employees by mistake and are calling them to return.