Facebook (META) will begin large-scale layoffs this week, according to the Wall Street Journal.
The layoffs could start as soon as Wednesday.
Thousands of employees are on the chopping block.
Meta currently has more than 87,000 employees.
The Wall Street Journal reported:
Inc. META 2.11%increase; green up pointing triangle is planning to begin large-scale layoffs this week, according to people familiar with the matter, in what could be the largest round in a recent spate of tech job cuts after the industry’s rapid growth during the pandemic.
The layoffs are expected to affect many thousands of employees and an announcement is planned to come as soon as Wednesday, according to the people. Meta META 2.11%increase; green up pointing triangle reported more than 87,000 employees at the end of September. Company officials already told employees to cancel nonessential travel beginning this week, the people said.
META-Facebook shares were down more than 24% a couple weeks ago on a weak Q4 forecast and earnings collapse.
Mark Zuckerberg’s fortune took a huge hit.
“Mark Zuckerberg’s fortune plunged by $11 billion after his Meta Platforms Inc. reported a second-straight quarter of disappointing earnings, bringing his total wealth loss to more than $100 billion in just 13 months.” Bloomberg News reported.
Facebook (META) stock is down more than 73% over the year and has lost $800 billion of its market cap, CNBC reported.
Facebook fell from a 52-week high of $353 per share to $92 per share on Wednesday.
Last summer Facebook’s market capital was nearly $1 trillion dollars and now it is closer to $245 billion.