After Twitter, Meta Platforms likely to fire thousands of employees

Meta Platforms is planning to begin layoffs that will affect thousands of workers from this week, Wall Street Journal reported, citing people with knowledge of the matter. The job cuts could come as early as Wednesday, the newspaper said. The company has already told employees to cancel non-essential travel from this week, according to the report.

Meta reported more than 87,000 employees at the end of September. Company executives already told employees to cancel nonessential travel beginning this week, the people said. The planned layoffs would be the first broad head-count reductions to occur in the company’s 18-year history.

Meta shares rose as much as 3.5 per cent during premarket trading in New York on Monday. The stock has declined about 73 per cent for the year through Friday, when it closed at $90.79 a share.