Facebook parent Meta to prepare for layoffs this week as reported by the Wall Street Journal.
The Wall Street Journal recently revealed a report regarding the Meta Platforms.
The reported stated that Meta platforms are considering large scale layoffs this week that will have massive effects on the employees.
In October, Meta platforms predicted that next year will be more costly for the corporation that will wipe off $67 billion of Meta’s stock market value.
This year, Meta has already lost $3 trillion in value.
Meta platforms are facing a lot of competition from other social media platforms and events such as TikTok and Apple changing policies etc.
The founder of Facebook, Mark Zuckerberg said, ‘In 2023, we’re going to focus our investments on a small number of high priority growth areas.’
He further said, ‘so that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year.’
He added, ‘In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today.’
The CEO Zuckerberg suggests that they have invested huge amounts in Meta projects that will definitely bear fruits in a decade or so.
But right now, they have to focus on spending on small projects and growth areas and layoff employees to adjust the investment strategies.
Recently, Twitter also laid off significant number of employees as Elon Musk took over it.
They are further planning to make changes in the platform.
