Meta is expected to begin large-scale layoffs this week after suffering a collapse in its stock price.
The social platform is planning to lay off thousands of workers as early as this Wednesday, according to the Wall Street Journal. While Meta has not confirmed how many employees will be laid off, it is expected to be the largest of layoffs hitting the tech sector.
TECH BRACES FOR RECESSION WITH LAYOFFS AND HIRING FREEZES: AMAZON, LYFT, STRIPE
Meta declined to comment, instead pointing to Meta founder Mark Zuckerberg’s recent statement that the company would “focus our investments on a small number of high-priority growth areas.”
Zuckerberg alluded to the layoffs during his third-quarter earnings call, in which he said the company would end 2023 as “roughly the same size or even a slightly smaller organization.” The company reported a decline in revenue for the second straight quarter. The company’s stock has dropped 70% in value over the last year. This decline has caused Zuckerberg to lose more than $100 billion in net worth.
Twitter also lost an estimated 3,700 workers last week under the leadership of its owner, Elon Musk.
The fintech company Stripe announced on Thursday that it was laying off more than 1,000 employees in preparation for “leaner times.”
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Amazon froze its hiring process on Thursday at the corporate level due to concerns about a recession. The ride-sharing company Lyft also announced that it was laying off 13% of its workforce.
