Meta Preparing Thousands of Layoffs in Latest Tech Industry Retrenchment

The parent firm of Facebook, Meta Platforms (META), will lay off hundreds of staff this week, the Wall Street Journal reported on Sunday, citing individuals familiar with the matter. Wednesday is planned for the announcement.

Meta will be the second technology business in recent weeks to announce layoffs or hiring restrictions, as the sector prepares for a sales downturn.

Meta has 87,000 workers as of September, and this will be the first significant layoff in the company's 18-year existence.

Following Elon Musk's purchase of Twitter, the firm declared it will reduce its personnel by up to 50 percent. Amazon said it will halt additional recruiting. Lyft said that it will reduce its personnel by an extra 13% in its second wave of layoffs. Stripe revealed a 14 percent reduction in its staff.

Meta refused to comment on the layoffs, but referenced CEO Mark Zuckerberg's recent declaration that the business will "concentrate its spending on a few of high-priority growth areas."