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Meta set to begin mass layoffs starting Wednesday: Report

Dublin: Meta is reportedly planning to lay off employees in response to the Twitter backlash over mass layoffs. The announcement is expected to be made on Wednesday. Chief executive Mark Zuckerberg had previously warned that some teams would have to be cut next year. It is indicated that it is being implemented.

Meta’s decision will have a negative impact on thousands of employees. However, no response has yet been received from the Meta.

Meta employs over 83,500 people worldwide. META employs over 3,000 people in Ireland and indirectly employs another 6,000.

Meta is facing difficulties for a number of reasons. The global economic downturn, Tik Tok competition, Apple’s privacy changes, massive Metaverse spending, and various regulatory rules are all concerns for Meta’s future.

Meanwhile, Meta has been impacted by the stock market’s decline in value. The value of the company’s shares fell dramatically this year. In addition, it was reported that the value of Meta’s stock will fall by 67 billion dollars over the next year. Simultaneously, costs will rise, and the income from Metaverse’s investment will not reach the company. In light of this, the company is recruiting, eliminating projects, and cutting costs.

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