Facebook parent Meta plans massive layoffs this week: report

Facebook parent Meta Platforms plans to lay off thousands of employees this week in what will mark the first wide-ranging layoffs in the social media platform’s history, the Wall Street Journal reported Sunday.

The cuts add to broader cuts across the tech industry, with Twitter, Snap, Microsoft and other companies cutting their workforces in recent months.

A spokesperson for Meta declined comment Sunday, but referred FOX Business to comments made by CEO and co-founder Mark Zuckerberg during a third-quarter earnings call last month.

“In 2023, we will focus our investments on a small number of high-priority growth areas,” Zuckerberg told investors Oct. 26.

Meta CEO Mark Zuckerberg, who founded Facebook, speaks via video at SXSW in Austin in March 2022

Mark Zuckerberg speaks via video at the 2022 SXSW Conference and Festivals at the Austin Convention Center on March 15, 2022 in Austin, Texas. (Samantha Burkardt/Getty Images for SXSW/Getty Images)

Zuckerberg added that Meta expects to “end 2023 at either roughly the same size or even a slightly smaller organization than today.”

Meta stock is down about 73% so far this year.

ticker security Last change change %
META META PLATFORMS INC. 90.79 +1.88 +2.11%

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Altimeter Capital, a meta-investor, last month sent an open letter to Zuckerberg and the tech giant’s board of directors, urging them to cut the company’s workforce by 20%.

“Like many other companies in a zero interest rate world — Meta has drifted into the land of plenty — too many people, too many ideas, too little urgency,” Altimeter CEO Brad Gerstner wrote in the letter. “This lack of focus and fitness is masked when growth is easy but deadly when growth slows and technology changes.”

Meta logo sign

Facebook’s meta logo is seen at the company’s headquarters in Menlo Park, California on October 28, 2021. (AP Photo/Tony Avelar, File/AP Images)

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Zuckerberg rebranded Facebook to Meta last year as the company shifted its focus to the metaverse, a move that has struggled to gain traction.

Meta employed 87,300 people at the end of September, up 28% year over year.

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