According to a new report from the Wall Street Journal, Meta, the parent company of Facebook, is about to start mass layoffs. The number of Meta employees who will lose their jobs is not known, but it is in the thousands.
Meta has a huge global reach, with over 2.5 billion users on Facebook and 2 billion on the messaging app. Over 37,000 people have been hired by the company since the beginning of 2020 according to the Wall Street Journal.
It would be the first mass layoffs in the history of the company, which recently changed its name to Meta in an effort to focus on CEO Mark Zuckerberg's grand vision for the metaverse. According to reports from behind the scenes, Meta's product developers don't like the idea of using the metaverse. According to the Wall Street Journal, most people don't come back.
It is not clear how much of the 10% cut in expenses will be in the form of layoffs. When it was called Facebook, Meta had a market cap of $1 trillion. The company has a market cap of less than $250 billion.
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