Facebook parent Meta is reportedly planning to lay off thousands of workers this week as the company's stock price has dropped 73% so far this year.
Meta Platforms is planning to let go of thousands of employees this week, marking the first wide-ranging layoffs in the social media platform's history, the Wall Street Journal reported Sunday. Microsoft and other companiesA spokesperson for Meta declined to comment on Sunday, but directed FOX Business to comments that CEO and co-founder Mark Zuckerberg made during a third-quarter earnings call last month.
investors on Oct. 26. "So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year." Mark Zuckerberg, via video, speaks at the 2022 SXSW Conference and Festivals at Austin Convention Center on March 15, 2022, in Austin, Texas. Zuckerberg added that Meta expects to "end 2023 as either roughly the same size or even a slightly smaller organization than we are today."
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