Facebook-parent Meta is said to be planning the first significant layoffs in its history as the company grapples with a shrinking business and fears of a looming recession
The job cuts are expected to impact thousands of workers and could begin as early as this week, the Journal reported over the weekend, citing unnamed people familiar with the matter. Meta has a headcount of more than 87,000, according to a September SEC filing. Meta declined to comment on the report.
Once boasting a market capitalization of more than $1 trillion last year, Meta is now valued at about $250 billion. Meta is far from the only tech company said to be rethinking staffing. In a stunning shift for an industry sometimes thought of as untouchable, a number of tech companies have announced hiring freezes or job cuts in recent months, often after having seen rapid growth during the pandemic.
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