Home » Economy » Facebook parent Meta planning massive layoffs this week: report
Facebook parent Meta planning massive layoffs this week: report
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Facebook parent company Meta Platforms is planning to let go of thousands of employees this week, marking the first wide-ranging layoffs in the social media platform's history, the Wall Street Journal reported Sunday.
The cuts add to broader reductions across the tech industry, with Twitter, Snap, Microsoft and other companies trimming their workforces in recent months.
A spokesperson for Meta declined to comment on Sunday, but directed FOX Business to comments that CEO and co-founder Mark Zuckerberg made during a third-quarter earnings call last month.
"In 2023, we’re going to focus our investments on a small number of high-priority growth areas," Zuckerberg told investors on Oct. 26. "So that means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year."