Amidst news of layoffs at several companies including Twitter, BYJU and many others, Facebook’s parent company Meta has decided to cut several jobs that are likely to affect thousands of employees. The planned layoffs at Meta will mark the first significant headcount cuts in the company’s 18-year history, according to a report by the Wall Street Journal.
Although smaller in percentage terms than Twitter’s layoffs, which affect about half of the company’s workforce, the number of Meta employees who could lose their jobs could be the most retrenchment seen at a major tech company in a year. In the field of technology.
As of the end of September, Meta said it employed more than 87,000 people. Company officials have already ordered the staff to postpone non-essential travel from this week.
In September, Meta said it intended to cut costs by at least 10 percent in the coming months, partly by laying off employees. The layoffs, expected to be announced Wednesday this week, come after several months of more focused workforce cuts. During this time, people were organized or relieved of their duties.
CEO Mark Zuckerberg recently said that “some teams will grow meaningfully, while many other teams will be flat or shrink over the next year”.
During the pandemic, as life and business became more online, Meta continued to recruit heavily. A total of more than 27,000 new employees were hired in 2020 and 2021, and an additional 15,344 were hired in the first nine months of this year — nearly a quarter of those made in the most recent quarter.
Since taking over Twitter, Elon Musk has laid off nearly 3,500 workers, practically all of them working there. The CEO, Parag Aggarwal, the CFO, the head of policy, and the company’s lead counsel were all fired shortly after the acquisition. On November 4, Twitter informed its staff that it was “downsizing our global workforce”. According to the report, only 20 people from Twitter’s workforce of 300 in India are still with the company.
Edtech platform BYJU recently laid off 5 percent of its total workforce, said to be 50,000. BYJU founder and CEO, Byju Ravindran, wrote a note to all employees and apologized to those who were fired. He stated that several negative macroeconomic factors forced India’s most valuable startup to take this decision. Rival Anacademy also recently laid off 350 employees, with the CEO apologizing to the laid-off workers.
Meanwhile, several other tech giants, including Netflix, Microsoft, Snap and others, have recently cut their workforce by the thousands.