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Meta is planning to launch massive layoffs this week that will affect thousands of workers

By Faruk 08.11.2022

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The move will be the first mass layoff in the company's history.

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After third-quarter results, Mark Zuckerberg said the workforce could collapse. 

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Meta has 87,000 employees across various platforms around the world, like Facebook, Instagram and WhatsApp. 

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Mark Zuckerberg said he expects some teams to "stay flat or shrink" next year.

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Elon Musk fired 7,500 employees last week, almost half have been fired

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Not only is the global economic situation an issue for Meta, but there is competition from TikTok, privacy concerns from Apple

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Mark Zuckerberg has said he expects the Metaverse investment to take nearly a decade to yield positive results.

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social media company cut plans to hire engineers by at least 30% in June

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Mr Zuckerberg warning employees of an economic slowdown.

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Meta Market Value has fallen to $600 billion in the last year

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The bulk of this money doesn't come from big brands, but from millions of small-sized businesses that spend small amounts.

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Rising costs and customers spending less money effect their revenues.

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First thing these companies need to cut their marketing budget.

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US continues to struggle with high inflation despite low unemployment

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Public companies like Meta are required to release information about their finances every three months.