Twitter isn’t the only social media platform that’s going through major restructuring.
Meta, the parent company of Facebook, WhatsApp and Instagram, may begin “large-scale layoffs” as soon as Wednesday (November 9), according to new reports.
The layoffs are expected to impact “thousands” of employees via WSJ, and would be the first “major headcount reduction” in the company’s history.
The company currently has over 87,000 employees.
“In 2023, we’re going to focus our investments on a small number of high priority growth areas. That means some teams will grow meaningfully, but most other teams will stay flat or shrink over the next year. In aggregate, we expect to end 2023 as either roughly the same size, or even a slightly smaller organization than we are today,” Mark Zuckerberg said of the company last month.
Meta shares fell 73% this year, the lowest since early 2016.
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The news also comes at the same time as Elon Musk restructures Twitter, quietly asking some employees to return after a big layoff round.
Find out what other changes are happening to Twitter now…