Now Facebook Employees Will Lose Jobs

Meta Platforms Inc. has decided to start large-scale job cuts in Facebook from Wednesday. The social-media giant is taking this drastic decision following fall in revenue, the company authorities claimed.

The CEO of Meta Mark Zuckerberg spoke to executives on Tuesday to prepare them for the job cuts. In September Zuckerberg warned employees about the reduction of expenses and team restructuring in the Meta. Meta is expected to have fewer employees in 2023 than it has in 2022.

At least 10 percent of employees of the company are expected to lose their jobs. In September this year the company had more than 87,000 employees. Recent job cuts would be the first major expenditure reduction measure by Facebook since its inception in 2004.

Zuckerberg’s heavy investment in a speculative virtual-reality venture called the metaverse is blamed to be the reason behind the fall of revenue of Meta. Meta’s job cuts follow a similar measure by Twitter last week. After Elon Musk took over Twitter, around 50 percent of its employees faced layoffs.