Meta To Start Layoffs Today: Report

Meta Platforms Inc. will begin laying off workers Wednesday morning, CEO Mark Zuckerberg told hundreds of executives Tuesday, the Wall Street Journal reported.

Zuckerberg appeared dejected at Tuesday’s meeting and said he was taking responsibility for the company’s mistakes and that his overconfidence in growth had led to layoffs, the report said, citing people familiar with the matter.

He described broad cuts and specifically named recruiting groups and businesses as among those facing layoffs, the report said, adding an internal announcement of the company’s layoff plans is expected at 6 a.m. (5:30 p.m. IST) on Wednesday.

Certain employees who lose their jobs will be notified in the morning, i reports said.

Meta’s human resources chief, Lori Goler, said the workers who lost their jobs will be given at least four months’ salary as severance pay, the WSJ reported, citing people familiar with the matter.

Meta reported more than 87,000 employees at the end of September.

The company declined to comment on the report.

The development comes after Twitter laid off half of its workforce across teams from social media and content curation to product and engineering following Elon Musk’s 44 billion (roughly Rs. 3,58,550 crore) takeover.

However, Bloomberg on Sunday reported that Twitter was reaching out to dozens of employees who lost their jobs, asking them to return.

Microsoft also laid off about 1,000 workers across multiple divisions in October, according to a report by Axios. reports,

© Thomson Reuters 2022

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