Following the takeover by Elon Musk, Twitter announced the layoff of 50% of its 7,500-strong workforce. We forecasted that this would only be the beginning of a layoff tsunami on the road to a global recession. According to WSJ, Meta Platforms Inc., the parent company of Facebook and WhatsApp, is planning to begin large-scale layoffs this week. It could be the largest round in a recent spate of tech job cuts after the industry’s rapid growth during the pandemic.
The layoffs are expected to affect many thousands of employees. An announcement would be planned to come as soon as Wednesday, WSJ reports. Meta reported more than 87,000 employees at the end of September. Company officials have already told employees to cancel nonessential travel beginning this week.
The planned layoffs would be the first broad head-count reductions in the company’s 18-year history. While smaller on a percentage basis than the cuts at Twitter this past week, the number of Meta employees expected to lose their jobs could be the largest to date at a major technology corporation in a year that has seen a tech-industry retrenchment.