Meta to start laying off thousands of staff this week

The Wall Street Journal reported this week that Meta Platforms Inc. plans to start laying off thousands of employees, citing sources with knowledge of the situation.

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According to the newspaper, job layoffs might start as soon as this Wednesday. According to the article

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the corporation has already instructed employees to postpone any unnecessary travel beginning this week

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Chief Executive Officer Mark Zuckerberg announced intentions to reorganize teams and slash headcount in September

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Meta will likely be smaller in 2023 than it was this year, according to Zuckerberg at the time.

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The layoffs occur as Meta battles mounting losses and makes significant investments in expanding its metaverse business

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The job losses in Silicon Valley will increase as a result of the layoffs. After Elon Musk completed his $44 billion takeover of the social media site last week

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Other businesses that have cut staff or made intentions to do so include the hard disk manufacturer Seagate Technology Holdings Plc and the ride-hailing company Lyft Inc.

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A Meta spokeswoman declined to respond to questions from the WSJ.

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