After the freeze, layoffs – At Meta, the end of the year is marked on the one hand by partnerships that allow the company to continue its web3 development, and on the other hand by layoffs that could affect thousands of employees. On the one hand, the end of the year is marked by partnerships that allow the company to continue developing in web3, while on the other hand, the end of the year is marked by partnerships that allow the company to continue developing in web2.
According to a report published on November 6 by the Wall Street Journal, Meta is reportedly considering firing hundreds of its employees. This massive layoff could be one of the most significant staff reductions ever implemented by a technology company. Meta employs approximately 87,000 individuals.
After declaring a hiring freeze in September of last year, the business would like to make additional cuts to its human resources budget.
Meta’s advertising revenue growth has slowed due to competition from other platforms like Tik Tok. As early as July, rumors began to circulate regarding the contraction of Meta’s workforce. This is due to the increased competition Meta faces from other platforms. At that time, a hiring freeze was implemented to reduce expenditures by 10%.
The fact that the corporation’s Metaverse division has reported a loss of more than $9 billion is the most recent addition to the list of circumstances that could effectively force the company to lay off thousands of employees.