Facebook plans large-scale layoffs: Report

Facebook parent Meta predicted a feeble holiday quarter in October. The social media giant is reportedly concerned that notably higher costs in 2023 may reduce $67 million from the company’s stock market value. This deduction will add to the more than half a trillion dollar value that Meta has already lost in 2023. According to a report by The Wall Street Journal, now the company is planning to make large-scale layoffs in the upcoming days. These job cuts are expected to hit thousands of employees and the process is likely to start this week. Meta is yet to respond to these allegations and share an official statement regarding this matter.

Why Facebook may plan layoffs
Meta is currently struggling with multiple issues and that might be one of the reasons for these expected job cuts. Apart from the slow growth of the global economy, privacy changes from Apple, Tiktok’s rivalry, massive Metaverse investment and the ever-looming threat of regulation concerns Meta.