Layoffs in 2022: Meta Platforms Inc., the parent corporation of Facebook, is currently preparing for significant layoffs. By Wednesday, job losses might take place. Employees’ non-essential trips are canceled.
In Delhi. In light of rumors of a global economic recession, Meta Platforms Inc., the parent corporation of Facebook, is currently preparing for significant layoffs. This information was provided in one of The Wall Street Journal’s reports. The Journal reported this information using quotes from people with knowledge of the situation.
According to the newspaper’s report, job layoffs might start as soon as Wednesday. The corporation has reportedly already requested that staff cancel any non-essential travel plans for this week. A spokeswoman for Meta reportedly declined to comment on the situation, according to the Wall Street Journal.
The plan for layoffs was created in September by CEO Mark Zuckerberg. In response to the key sites Facebook and Instagram’s slowing growth, the plan called for restructuring teens and lowering headcount. The meta in 2023 may be smaller than it is this year, Zuckerberg continued.
Why are layoffs necessary?
The use of meta products is widespread worldwide. Facebook, Instagram, and WhatsApp are a few of these. However, the corporation has had to make significant investments in the Metaverse industry to elevate the Internet. The investment’s expected rewards have not yet begun. The business is challenging to grow in such a circumstance.
The severe recession in the US stock markets, on the other hand, has caused a significant decline in the price of Facebook (Meta) shares. Shares of the corporation have decreased by nearly 73 percent so far this year. The value of Mark Zuckerberg has decreased comparably.
Jobs Crisis
on Silicon Valley, The employment situation in Silicon Valley will worsen as a result of workforce reduction. After Elon Musk successfully finalized a $44 billion acquisition of the social media network, Twitter Inc. last week closed nearly 3,700 positions. Lyft Inc., a ride-hailing company, and Seagate Technology Holdings Plc, a producer of hard drives, are two additional businesses that have downsized or plan to reduce their staff (Seagate Technology Holdings Plc.).
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