The big web companies have been talking about them for a few days. As Twitter is in the midst of massive layoffs, Meta is also set to lay off thousands of its employees this week. According to the Wall Street Journal, the announcement of this wave of layoffs at Meta will take place by Wednesday.
Massive dismissal in sight: the probable causes
Information about the layoff at Meta Platforms Inc, Facebook’s parent company, was reported by The Wall Street Journal on Sunday. The latter nevertheless specifies that Meta refuses to confirm the said information.
The comments of Mark Zuckerberg at the end of last month, however, seem to explain this possible dismissal. Meta’s CEO said he was forced to cut costs. According to him, it may take more than a decade for investments in the Metaverse project to bear fruit.
The $80 billion wiped from the company’s market value last month may also be the cause of this big layoff. Add to that the loss of half a trillion dollars worth of stocks this year.
Would Meta follow in Twitter’s footsteps?
Several IT companies, including Twitter, have already outstripped Meta in terms of job cuts. Twitter has temporarily closed its offices. The social network has notified thousands of people by email that they are being made redundant. Following these dismissal notifications, Elon Musk explained that “unfortunately there is no other choice when the company is losing more than 4 million dollars a day”.
The massive layoffs aren’t just about Twitter and Meta. Other computer companies like Microsoft and Snap Inc have also been there. Like other companies, they are not immune to the global economic crisis, the energy crisis and inflation. Let’s wait until Wednesday to see what happens…
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